To amend the Internal Revenue Code of 1986 to provide a refundable credit for certain home accessibility improvements.
12/19/2024, 9:07 AMSummary of Bill HR 7393
Bill 118 hr 7393, also known as the Home Accessibility Tax Credit Act, aims to amend the Internal Revenue Code of 1986 to provide a refundable credit for certain home accessibility improvements. The bill is designed to assist individuals with disabilities and elderly individuals in making necessary modifications to their homes to improve accessibility and mobility.Under this proposed legislation, individuals who incur expenses for home accessibility improvements, such as installing ramps, widening doorways, or adding grab bars, would be eligible for a refundable tax credit. The credit would cover 50% of the expenses incurred, up to a maximum of $30,000 per year.
To qualify for the credit, individuals must provide documentation of the expenses incurred for the accessibility improvements and demonstrate that the modifications were necessary to accommodate a disability or age-related mobility issues. The credit would be available to both homeowners and renters, making it more accessible to a wider range of individuals. Overall, the Home Accessibility Tax Credit Act aims to provide financial assistance to individuals who need to make home modifications to improve accessibility and quality of life. By offering a refundable tax credit, the bill seeks to make these improvements more affordable and accessible to those who need them most.
Congressional Summary of HR 7393
This bill allows certain disabled taxpayers a refundable income tax credit for 35% of their qualified home accessibility improvement expenditures paid in a taxable year. The bill imposes limitations on the credit, including an aggregate dollar limitation of $15,000 and an income eligibility limitation.
The bill defines qualified home accessibility improvement expenditures to include the cost of improvements to a residence to make it more accessible to a taxpayer who is blind or disabled. These expenditures include the installation of ramps and zero-step entrances, the widening of doors and hallways, and bathroom accessibility improvements.
The Department of the Treasury must issue regulations that specify any additional improvements eligible for the credit and the Internal Revenue Service must conduct an outreach strategy to inform the public of the availability of the credit.
