The proposed bill H.8 aims to establish a personal income tax credit for individuals who make home modifications to enhance safety and livability. It introduces a new section, 5830g, to the Vermont Statutes, which outlines that 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 set 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 to clarify that the purpose of the tax credit is to assist individuals in living more safely in their homes. Furthermore, it specifies that the act will take effect retroactively on January 1, 2025, applying to taxable years starting from that date. This legislation aims to provide financial support for necessary home modifications, thereby improving the quality of life for residents in Vermont.

Statutes affected:
As Introduced: 32-5813