1. Short title This Act may be cited as the Rent Relief Act of 2017 . 2. Refundable credit for rent paid for principal residence (a) In general Subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 36B the following new section: 36C. Rent paid for principal residence credit (a) In general In the case of an individual who leases the individual’s principal residence (within the meaning of section 121) during the taxable year and who pays rent with respect to such residence in excess of 30 percent of the taxpayer’s gross income for such taxable year, there shall be allowed as a credit against the tax imposed by this subtitle for such taxable year an amount equal to the applicable percentage of such excess. (b) Credit limited by 150 percent of fair market rent Solely for purposes of determining the amount of the credit allowed under subsection (a) with respect to a residence for the taxable year, there shall not be taken into account rent in excess of an amount equal to 150 percent of the fair market rent applicable to the residence involved (as most recently published, as of the beginning of the taxable year, by the Department of Housing and Urban Development). (c) Definitions and special rules For purposes of this section— (1) Applicable percentage The applicable percentage shall be determined in accordance with the following table: The applicable If gross income is: percentage is: Not over $25,000 100 percent Over $25,000, but not over $50,000 75 percent Over $50,000, but not over $75,000 50 percent Over $75,000, but not over $100,000 25 percent Over $100,000, but not over $125,000 10 percent Over $125,000 0 percent. (2) Partial year residence The Secretary shall prescribe such rules as are necessary to carry out the purposes of this section for taxpayers with respect to whom a residence is a principal residence for only a portion of the taxable year. (3) Special rule for individuals residing in government-subsidized housing In the case of a