BALTIMORE — Qualified renters in Maryland are running out of time to take advantage of available tax credits, just as their home owning counterparts do. The Renter’s Tax Credit program gives qualified renters in Maryland the potential to receive a credit up to $750.
The program is designed to help renters whose monthly rent exceeds a fixed amount in relation to their income. If they qualify, they may be able to receive a credit up to, but not exceeding, $750. Not every Marylander who rents their home can take advantage of the credit. In order to qualify for the program, renters must meet specific eligibility requirements:
·Be legally responsible for the rent;
·Be age 60 or over, or 100 percent disabled;
·Be a surviving spouse of one who otherwise would have been eligible;
·Or, if a resident is under age 60, they must have had at least one dependent under the age of 18 living with them, and didn’t receive federal or state housing subsidies or reside in public housing, and the combined income of all residents of the home is below the allowable guidelines during the year they apply for the credit.
The deadline to apply for the credit is September 1 of the year in which the credit will apply. Although, waiting until the last minute is never recommended. “We always encourage residents to file as early as possible to avoid any last minute filing backlog,” says Agency Director Sean Powell.
Applications are available at local libraries, senior centers, and social security offices, as well as 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 all of calendar year 2014, the agency received more than 11,000 applications, issuing nearly 8,000 credits, for a total of $2.4 million in tax credits for Marylanders who rent their homes.
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.