For immediate release:
February 5, 2015
- Qualified Maryland Renters Can Receive Up to $750 Tax Credit -
Baltimore, Md. (February 5, 2015) – Most Maryland residents know they’re entitled to a tax credit for owning their own home. But did you know qualified renters in Maryland can also take advantage of available tax credits?
The Renters’ Tax Credit Program is available to qualified renters in Maryland who meet the specific eligibility requirements. “The point behind the credit is based on the idea that renters indirectly pay property taxes as part of their rent and should have some protection, just like homeowners,” says acting agency director, Owen Charles. “Program participation is based on the amount of rent paid and renter’s income, as well as meeting other specific program requirements. It’s worthwhile for qualified renters to look into it. They have the potential to receive a credit up to $750. And that could really help a lot of residents who may be walking a financial tightrope.” he added.
If rent exceeds a fixed amount in relation to the renters’ income, the renter may be able to receive a credit up to, but not exceeding, $750. Not every Marylander who rents their home is eligible for the tax credit. To qualify for the Renter’s Tax Credit the resident(s) must:
The deadline to apply for the credit is September 1 of the year in which the credit will apply, but Mr. Charles encourages residents to apply as early as possible, “We have made applications available at local libraries, senior centers, and social security offices. But residents can also find them on our website, or request an application by calling or emailing our office.”
For all of calendar year 2013, the agency received more than 11 thousand applications and issued nearly 8,000 credits.
Applications are available online, via email, or by calling the Tax Credits Telephone Service at 410-767-4433 (in Baltimore) or toll-free 1-800-944-7403.
For more information, and specific guidelines on qualifications for the Renter’s Tax Credit, please visit the agency’s website or call the Tax Credits Telephone Service at 410-767- 4433 (in Baltimore) or toll-free 1-800-944-7403.
Follow SDAT on Twitter: @MD_SDAT and Facebook: Maryland State Department of Assessments and Taxation.
MEDIA CONTACT: Kim Frum 410-767-1142 (office)
301 W. Preston St., Baltimore, MD 21201-2395