Who is Eligible?
Both renters and home owners are eligible for the Schedule H tax credit if they meet certain income and residency guidelines and their property taxes exceed a certain share of their income
.
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Income Guidelines
:
From 1977 through 2013, the maximum income eligibility for Schedule H was $20,000.
As a result of legislation adopted in 2013, tax filers with adjusted gross incomes of $40,000 or less may qualify
for the credit starting in in 2014
.
In 2016, the income eligibility will rise to $50,000 of adjusted gross income.
Beyond these rules that apply to all households, residents over age 70
will be eligible with incomes up to $60,000 starting in 2015.
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Residency
:
To claim the credit, the tax filer must have lived in the state for the full year.
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How many can claim the credit:
Only one person per tax filing unit can claim the credit, but
there may be more than one tax filing unit in the household.
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Limits for Some Renters
:
Persons receiving rental assistance may either be in eligible or may need to make adjustments to claim the credit.
Persons living in public housing or other housing
units that are exempt from property taxes cannot claim the credit. Persons that receive rent
supplements must deduct the amount of the supplement from the total Schedule H credit and can claim the difference.
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