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H.8 1
Introduced by Representative Stone of Burlington 2
Referred to Committee on 3
Date: 4
Subject: Taxation; income tax; tax credit; home modification 5
Statement of purpose of bill as introduced: This bill proposes to create a 6
personal income tax credit for home modifications that enhance safety and 7
livability. 8
An act relating to a tax credit for home modifications for safety and 9
livability 10
It is hereby enacted by the General Assembly of the State of Vermont: 11
Sec. 1. 32 V.S.A. § 5830g is added to read: 12
§ 5830g. HOME MODIFICATION TAX CREDIT 13
(a) An individual shall be eligible for a credit against the tax imposed under 14
section 5822 of this title. The credit shall be equal to an individual’s qualified 15
expenses for home modifications to enhance safety and livability. An 16
individual shall not claim more than $15,000.00 of qualified expenses under 17
this section in a lifetime. 18 BILL AS INTRODUCED H.8
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(b) As used in this section, “qualified expenses” means unreimbursed and 1
uncovered expenses relating to the following modifications of a homestead to 2
enhance safety and livability: 3
(1) ramps; 4
(2) stair lifts, chair lifts, platform lifts, and elevators; 5
(3) widened doorways and hallways; 6
(4) bathroom renovation; and 7
(5) any other modification specifically made to improve accessibility or 8
safety. 9
(c) As used in this section, “homestead” has the same meaning as in 10
subdivision 5401(7) of this title. 11
(d) If the amount of allowed tax credit exceeds the individual’s income tax 12
liability for the taxable year, the excess amount may be carried over for 13
deduction from the taxpayer’s income tax liability in the next succeeding 14
taxable year or years until the total amount of the tax credit has been deducted 15
from tax liability; provided, however, that no tax credit shall be carried over 16
for deduction after the third taxable year succeeding the taxable year in which 17
the credit was earned. 18
Sec. 2. 32 V.S.A. § 5813 is amended to read: 19
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(aa) The statutory purpose of the tax credit for home modifications in 1
section 5830g of this title is to help individuals live more safely in their homes. 2
Sec. 3. EFFECTIVE DATE 3
Notwithstanding 1 V.S.A. § 214, this act shall take effect retroactively on 4
January 1, 2025 and apply to taxable years on and after January 1, 2025. 5