| 1 | 1 | | BILL AS INTRODUCED H.8 |
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| 2 | 2 | | 2025 Page 1 of 3 |
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| 4 | 4 | | |
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| 5 | 5 | | VT LEG #379044 v.1 |
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| 6 | 6 | | H.8 1 |
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| 7 | 7 | | Introduced by Representative Stone of Burlington 2 |
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| 8 | 8 | | Referred to Committee on 3 |
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| 9 | 9 | | Date: 4 |
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| 10 | 10 | | Subject: Taxation; income tax; tax credit; home modification 5 |
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| 11 | 11 | | Statement of purpose of bill as introduced: This bill proposes to create a 6 |
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| 12 | 12 | | personal income tax credit for home modifications that enhance safety and 7 |
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| 13 | 13 | | livability. 8 |
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| 14 | 14 | | An act relating to a tax credit for home modifications for safety and 9 |
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| 15 | 15 | | livability 10 |
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| 16 | 16 | | It is hereby enacted by the General Assembly of the State of Vermont: 11 |
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| 17 | 17 | | Sec. 1. 32 V.S.A. § 5830g is added to read: 12 |
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| 18 | 18 | | § 5830g. HOME MODIFICATION TAX CREDIT 13 |
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| 19 | 19 | | (a) An individual shall be eligible for a credit against the tax imposed under 14 |
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| 20 | 20 | | section 5822 of this title. The credit shall be equal to an individual’s qualified 15 |
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| 21 | 21 | | expenses for home modifications to enhance safety and livability. An 16 |
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| 22 | 22 | | individual shall not claim more than $15,000.00 of qualified expenses under 17 |
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| 23 | 23 | | this section in a lifetime. 18 BILL AS INTRODUCED H.8 |
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| 24 | 24 | | 2025 Page 2 of 3 |
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| 26 | 26 | | |
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| 27 | 27 | | VT LEG #379044 v.1 |
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| 28 | 28 | | (b) As used in this section, “qualified expenses” means unreimbursed and 1 |
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| 29 | 29 | | uncovered expenses relating to the following modifications of a homestead to 2 |
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| 30 | 30 | | enhance safety and livability: 3 |
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| 31 | 31 | | (1) ramps; 4 |
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| 32 | 32 | | (2) stair lifts, chair lifts, platform lifts, and elevators; 5 |
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| 33 | 33 | | (3) widened doorways and hallways; 6 |
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| 34 | 34 | | (4) bathroom renovation; and 7 |
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| 35 | 35 | | (5) any other modification specifically made to improve accessibility or 8 |
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| 36 | 36 | | safety. 9 |
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| 37 | 37 | | (c) As used in this section, “homestead” has the same meaning as in 10 |
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| 38 | 38 | | subdivision 5401(7) of this title. 11 |
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| 39 | 39 | | (d) If the amount of allowed tax credit exceeds the individual’s income tax 12 |
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| 40 | 40 | | liability for the taxable year, the excess amount may be carried over for 13 |
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| 41 | 41 | | deduction from the taxpayer’s income tax liability in the next succeeding 14 |
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| 42 | 42 | | taxable year or years until the total amount of the tax credit has been deducted 15 |
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| 43 | 43 | | from tax liability; provided, however, that no tax credit shall be carried over 16 |
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| 44 | 44 | | for deduction after the third taxable year succeeding the taxable year in which 17 |
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| 45 | 45 | | the credit was earned. 18 |
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| 46 | 46 | | Sec. 2. 32 V.S.A. § 5813 is amended to read: 19 |
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| 47 | 47 | | * * * 20 BILL AS INTRODUCED H.8 |
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| 48 | 48 | | 2025 Page 3 of 3 |
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| 49 | 49 | | |
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| 50 | 50 | | |
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| 51 | 51 | | VT LEG #379044 v.1 |
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| 52 | 52 | | (aa) The statutory purpose of the tax credit for home modifications in 1 |
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| 53 | 53 | | section 5830g of this title is to help individuals live more safely in their homes. 2 |
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| 54 | 54 | | Sec. 3. EFFECTIVE DATE 3 |
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| 55 | 55 | | Notwithstanding 1 V.S.A. § 214, this act shall take effect retroactively on 4 |
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| 56 | 56 | | January 1, 2025 and apply to taxable years on and after January 1, 2025. 5 |
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