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 equal to their qualified expenses for such modifications, with a lifetime cap of $15,000. Qualified expenses include costs related to ramps, stair lifts, widened doorways, bathroom renovations, and other accessibility improvements. Additionally, if the tax credit exceeds an individual's income 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 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.

Statutes affected:
As Introduced: 32-5813