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A new bill hopes to provide some relief to renters who are faced with skyrocketing rental costs – by giving them a tax break.
If approved, the bill would allow renters to deduct what they pay for rent from their federal taxes.
Rep. Alan Grayson, a Democrat from Florida — who introduced the bill — cites the following example: Average taxpayers paying about $1,500 a month – or $18,000 a year – could possibly save $4,500 annually through the deduction if they fall in the 25 percent tax bracket.