The bill H.8, introduced by Representative Stone of Burlington, proposes the establishment of a personal income tax credit specifically for home modifications that enhance safety and livability. The new section 5830g of Title 32 outlines that individuals can claim a credit against their income tax liability for qualified expenses related to home modifications, with a lifetime cap of $15,000. Qualified expenses include costs for ramps, stair lifts, widened doorways, bathroom renovations, and other modifications aimed at improving accessibility and safety. Additionally, if the tax credit exceeds an individual's tax liability, the excess can be carried over to subsequent tax years, but not beyond three years after the credit was earned.

The bill also amends section 5813 to clarify that the purpose of the tax credit for home modifications is to assist individuals in living more safely in their homes. Furthermore, the act is set to take effect retroactively on January 1, 2025, applying to taxable years starting from that date. This retroactive provision aims to ensure that individuals can benefit from the tax credit as soon as it is enacted.

Statutes affected:
As Introduced: 32-5813