BROOKLYN - A tax break for millions of Brooklyn and city renters topped the City Council speaker's State of the City address Thursday.

Speaker Christine Quinn (D-NYC) is proposing a $300 annual credit for individuals who make less than $43,000 or families of four that earn less than $75,000. Quinn estimates 1.1 million of the city's residents would be eligible. A recent survey found 28 percent of city renters spend more than half their income on housing.

Mayor Michael Bloomberg (R-NYC), who recently proposed a tax break for homeowners, says his administration will review Quinn's plan. The mayor and speaker are expected to finalize details of the budget before the next fiscal year, which starts July 1.

To view the speaker's address, go to channel 612 on your iO digital cable box and click on iO Extra.