The proposed bill, General Assembly Proposed Bill No. 5114, aims to amend the general statutes to introduce a refundable credit against the personal income tax for taxpayers who make rent payments for their primary residence. This credit would specifically apply to the portion of rent that is attributable to the property tax assessed on the rental property.

The bill seeks to provide financial relief to renters by allowing them to claim a credit on their income tax returns, thereby reducing their overall tax liability. This initiative is intended to support individuals and families who are renting their homes, making housing more affordable by offsetting some of the costs associated with property taxes that landlords pass on to tenants.