Authorizes certain counties to establish a rental unit price ceiling ordinance that prohibits a landlord from increasing the rental price of a dwelling unit at a rate that exceeds the percentage calculated and published by the county based on changes in the applicable Consumer Price Index. Beginning 8/1/2025, requires certain counties to annually calculate and publish the maximum rate at which a landlord may increase the rental price of a dwelling unit during the immediately succeeding twelve-month period. Establishes a nonrefundable Long-Term Residential Lease Tax Credit for taxpayers who own and lease a dwelling unit located in a county that has adopted a rental unit price ceiling ordinance to a person as the person's principal residence in the State pursuant to a lease agreement of a term of one year or longer.
Allows the tax credit to be carried forward for up to three taxable years. Applies to taxable years beginning after 12/31/2025. Effective 7/1/2050.
(SD2)
- Chamber
- Senate
- Introduced
- Jan 17, 2025
- Last action
- Jan 17, 2025 — Introduced.
- Session
- 2026
- Momentum
- 59 · Moderate