The bill H.8, introduced by Representative Stone of Burlington, proposes the establishment of a personal income tax credit aimed at supporting home modifications that enhance safety and livability for individuals. The new section 5830g of Title 32 of the Vermont Statutes outlines that eligible individuals can claim a credit against their income tax liability for qualified expenses related to specific home modifications, such as ramps, stair lifts, widened doorways, and bathroom renovations. The maximum amount that can be claimed over a lifetime is capped at $15,000. Additionally, if the tax credit exceeds an individual's tax liability for the year, the excess can be carried over to subsequent years, but not beyond three years after the credit was earned.

The bill also amends section 5813 of Title 32 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 is included despite the general rule stated in 1 V.S.A. 214.

Statutes affected:
As Introduced: 32-5813