STATEMENT: CITY COUNCIL CALLS FOR EXPANSION OF RENTERS TAX CREDIT

LOS ANGELES - The Los Angeles City Council approved a resolution today authored by Councilmember David Ryu calling on the state to expand the California Renters Tax Credit to all households who spend more than 30% of their total income on rent for a primary residence. The resolution also calls for an increase in the credit amount.

FOR IMMEDIATE RELEASE:  

February 19, 2020

Contact for Councilmember Ryu:

Mark Pampanin

mark.pampanin@lacity.org

213.407.7616



CITY COUNCIL CALLS FOR EXPANSION OF RENTERS TAX CREDIT 

 

LOS ANGELES - The Los Angeles City Council approved a resolution today authored by Councilmember David Ryu calling on the state to expand the California Renters Tax Credit to all households who spend more than 30% of their total income on rent for a primary residence. The resolution also calls for an increase in the credit amount.

“If we want a middle class in Los Angeles, we need to fight for it - and we need policy changes that help working families stay afloat,” Councilmember Ryu said. “Our State gives massive tax breaks to homeowners, but a mere $60 for renters - this is unacceptable. Our policies must match our values, and our tax credit must be made larger and available to more families who rent their home. The majority of Angelenos rent, and it’s time that this tax credit catches up to reality.”

At present, the California Renters Tax Credit offers a $60 credit for single renters whose annual income falls below $40,078 and $120 credit for joint filers whose combined income falls below $80,156.

Data from 2018 show that 64% of households in Los Angeles rent, instead of own, their home. The Resolution passed today was introduced by Councilmember Ryu in June 2019, alongside Ellis Act enforcement reform to protect tenants, and a motion to incentivize Moderate-Income Housing in Los Angeles. Those two motions remain pending in the Housing Committee.

Read the approved Resolution here.

###

Los Angeles City Councilmember David E. Ryu represents the 4th Council District which includes Griffith Park, Sherman Oaks, Toluca Lake, Hollywood, Hollywood Hills, Los Feliz, Silver Lake, Miracle Mile, Hancock Park, Windsor Square, Larchmont and portions of Koreatown and Van Nuys. 


Showing 1 reaction

Please check your e-mail for a link to activate your account.