To amend the Internal Revenue Code of 1986 to provide a refundable credit for certain home accessibility improvements.
Impact
If enacted, HB 2749 is expected to reduce the financial burden on individuals who need to make significant alterations to their homes to accommodate physical limitations. The estimated benefits include improved safety and autonomy for these individuals while potentially lowering healthcare expenditures through proactive home modifications. A study specified in the bill will further assess its impact in terms of reducing hospitalizations and enhancing daily living activities for qualified individuals.
Summary
House Bill 2749 aims to amend the Internal Revenue Code of 1986 by introducing a refundable tax credit for individuals making certain home accessibility improvements. The bill allows a tax credit of 35% of the qualifying expenses related to such improvements, with a maximum of $10,000 for any single tax year and an overall cap of $30,000 across all years. This initiative targets not only elderly individuals but also those with disabilities needing to modify their homes to enhance accessibility and improve quality of life.
Contention
There may be points of contention related to income limitations defined within the bill that could impact its accessibility for all who need it. Specifically, the bill phases out the tax credit based on the individual's modified adjusted gross income, which could deter middle-class families from leveraging this beneficial tax credit. Furthermore, discussions may emerge regarding the sufficiency of the dollar caps set for home modifications, as they may not cover all necessary expenses for those needing extensive changes to their living spaces.
A bill to amend the Internal Revenue Code of 1986 to provide an advance refundable credit to offset certain flood insurance premiums, and for other purposes.