HB18-1267
Income Tax Credit For Retrofitting Home For Health
Concerning an income tax credit for retrofitting a residence to increase the residence's visitability, and, in connection therewith, making an appropriation.
Session:
2018 Regular Session
Subject:
Bill Summary
Fiscal Policy & Taxes
Income tax - retrofits to an individual's residence for increased visitability - tax credit - appropriation. For income tax years beginning on or after January 1, 2019, but before January 1, 2024, the act provides a income tax credit to an individual who retrofits or hires someone to retrofit the individual's residence. The act specifies that the retrofit must:
- Be necessary to ensure the health, welfare, and safety of a qualified individual;
- Increase the residence's ease of access for persons with disabilities;
- Enable greater accessibility and independence in the residence for a qualified individual;
- Be required due to illness, impairment, or disability of a qualified individual; and
- Allow an individual whose family income is below a specified amount to age in place.
$132,328 is appropriated from the general fund to the department of local affairs to implement the act.
(Note: This summary applies to this bill as enacted.)