The purpose of the Tax Relief for Renters Act of 2026 is to provide financial assistance to individuals who rent their primary residences. This legislation aims to help renters by allowing them to deduct a portion of their rent payments from their taxable income, thereby reducing their overall tax burden. Key provisions of the law include the establishment of a deduction for rent payments. Renters can deduct up to $4,000 of their qualified rent expenses for the year, which are defined as amounts paid to lease their primary residence. However, this deduction is subject to income limitations.