Ireland’s Housing Minister Darragh O’Brien has called for a significant increase in the renters tax credit to at least €1,000 a year for each tenant in the upcoming Budget 2025.
Acknowleding the financial strain renters face in the country, O’Brien said the current €750 credit should be increased in October’s Budget.
“I have been clear that I want to see it increased further, I would like to see it increased again this year, to at least €1,000 per renter,” the Housing Minister was quoted as saying by the Irish Independent.
The minister also noted that while many renters aspire to own their own homes, the government’s current initiatives aim to assist them in making that transition.
For those who are renting, O’Brien’s proposed increase in the tax credit is intended to alleviate some of the immediate financial pressures they experience.
Finance Minister Jack Chambers, who was recently appointed, is reportedly in favor of the proposal.
The proposed change would allow couples living in rental accommodation to claim up to €2,000 from Revenue.
Additionally, all tenants in shared private accommodations could benefit from this tax credit, provided their landlord is registered with the Residential Tenancies Board (RTB).