Income tax, state; credit for landlords for rent forgone due to the COVID-19 pandemic.

Income tax credit for rent forgone due to theCOVID-19 pandemic. Establishes for taxable years 2020 through2024 a nonrefundable income tax credit for landlords for any residentialrent forgone during the COVID-19 pandemic. The amount of the creditis 65 percent of lost rent and is limited to $250,000 per taxpayerper year; any excess can be carried forward for up to three years.If a landlord receives rent for which he claimed a credit, such landlordis required to remit to the Department of Taxation the applicable portion of the credit that was granted within 90 days of receivingit.