From Senator Tom Umberg’s office:
Senator Tom Umberg (D-Santa Ana) announced his support and co-authorship of Senate Bill 248, a bill that would reduce individual housing costs by increasing tax credits for renters throughout California.
“The 34th Senate District, like many others across the state, includes numerous neighborhoods where the cost of rent is simply astounding,” said Senator Umberg. “With home ownership out of reach for nearly half of California’s households, it’s far beyond time that we do more to help the millions who are struggling to cope with increasing rents and our high cost of living.”
Nearly 50% of California’s households rent – and 84% of those are considered “burdened” meaning that they pay close to 50% or more of their annual income on rent. Under current law, renters may qualify for a $60 credit for individual and $120 credit for spouses who jointly file. Statewide, average rents have increased 60% in the past 40 years since the Renter’s Credit was enacted though the credit amount has never been adjusted.
Under the proposed bill, authored by Senator Steve Glazer (D-Orinda) and Assemblymember Lorena Gonzales (D-San Diego), eligible households with children would receive a $434 annual credit, while households without children would receive $220. The credit will be fully refundable, so that renters who have no tax obligation could still receive the refund. Single parents will also qualify for more generous refunds.
“It’s unconscionable to me that this credit hasn’t been increased throughout my entire tenure in the Legislature,” continued Senator Umberg. “I’m proud to be a co-author of this effort by my colleagues – one that will make a definite difference in people’s lives.”
Senator Thomas Umberg represents the 34th Senate District 34 which includes the cities of Anaheim, Costa Mesa, Fountain Valley, Huntington Beach, Garden Grove, Long Beach, Los Alamitos, Midway City, Orange, Santa Ana, Seal Beach, and Westminster.