New York, NY —

City Council Speaker Christine Quinn is delivering the State of the City address this hour, laying out the council's budget priorities. She's proposing a $300 tax credit for the two-thirds of city residents who rent. Quinn says renters haven't benefited from the tax relief enjoyed by the city's homeowners.

QUINN: In a year with a larger than anticipated surplus, it's finally time. Time for the city's renters to receive some long overdue help.

REPORTER: Under the proposal, an individual making $43,000 or less per year would qualify for the tax credit, as would a family of four earning less than $75,000. Quinn says more than a million renters stand to benefit from the proposal, which would need approval from the state legislature.

A recent survey showed that 28% of New Yorkers spend more than half their income on rent.