Authorizes a credit against individual income tax for the owner of a newly constructed one- or two-family dwelling which includes certain accessible and barrier-free design elements (EN DECREASE GF RV See Note)
Impact
If enacted, HB 319 would have a direct impact on the state tax code by introducing a new tax incentive designed to promote compliance with accessibility standards in residential construction. Specifically, it would provide a credit of up to $1,000 or the taxpayer's total tax liability, whichever is less, for homeowners who build according to the designated accessibility features. This initiative aligns with broader goals of enhancing the living conditions for people with disabilities and integrating universal design principles into new housing developments.
Summary
House Bill 319 authorizes a tax credit against individual income tax for the owners of newly constructed one- or two-family dwellings featuring accessible and barrier-free design elements. The bill aims to encourage the construction of homes that are more inclusive and can accommodate individuals with disabilities or mobility issues. It specifies the eligibility criteria for the tax credit, which includes requirements such as the presence of a zero-step entrance and adequate door and hallway widths to facilitate access.
Sentiment
The sentiment surrounding HB 319 appears supportive, particularly among advocates for individuals with disabilities and those interested in housing accessibility. Proponents view the tax credit as a meaningful step toward reducing barriers faced by disabled individuals. However, some concerns may be raised by stakeholders in the housing industry regarding the additional regulations and requirements imposed on new construction, alongside potential financial implications for builders and developers.
Contention
Notable points of contention could arise around the feasibility and enforcement of the accessibility features mandated by the tax credit qualifications. Critics may argue that the additional requirements could lead to increased construction costs, making housing less affordable. Furthermore, discussions may cover the adequacy of enforcement mechanisms to ensure compliance with these accessibility features, as well as the administrative burden on the Department of Revenue to monitor and regulate the tax credits granted under HB 319.
Provides for an individual income tax credit for improvements made to the residences of individuals with certain disabilities (EN DECREASE GF RV See Note)
Provides for a flat rate for purposes of calculating income tax for individuals, estates, and trusts, increases the standard deduction, and modifies or repeals certain income tax deductions and credits (Item #5 and 6) (RE1 DECREASE GF RV See Note)
Reduces the rates for the tax levied on individual income tax in favor of a flat tax and eliminates all individual income tax credits, deductions, exclusions, and exemptions