Government to increase tax credits for renters and landlords in Budget

Kenneth Fox

The Government is set to introduce new measures that will help hard-pressed renters by increasing the €500 tax credit in next month’s budget.

Housing Minister Darragh O'Brien has been pushing for the tax credit to be increased to almost €800.

As the Irish Examiner reports, they also plan to introduce measures to encourage small landlords to stay in the rental market with a new tax concession.

The move is to help stop small landlords exiting the market — thousands have left the private market in recent years.

It is believed that the Minister of State Kieran O’Donnell is finalising the details of the proposals.

Mr O'Donnell believes new tax incentives for landlords could help them continue with long-term renters.

Meanwhile, the Taoiseach has said tenants would require more rights while Sinn Féin’s housing spokesperson Eoin Ó Broin said rents are too high.

He called for a three-year ban on rent increases in next month’s budget along with a rent credit.

Mr Ó Broin said average rents have increased by over 37 per cent for new and existing tenants since 2016.

He is calling on the government to deliver at least 20,000 social, affordable rental and purchase homes in 2024.