This bill amends the Internal Revenue Code to establish a new federal tax deduction for amounts paid as rent for a taxpayer's primary residence. It aims to provide tax relief for renters by allowing them to deduct a portion of their annual rent expenses, specifically one-twelfth of qualified rent expenses. The deduction is subject to an annual cap of $4,000 per individual. Eligibility for this deduction is restricted by income limitations , with adjusted gross income thresholds varying by filing status, such as $75,000 for single filers and $125,000 for joint filers. These dollar amounts will be adjusted for inflation in future years, starting after 2027. Importantly, this deduction is available to both itemizers and non-itemizers , making it accessible to a broader range of taxpayers, and will apply to taxable years beginning after December 31, 2026.