SB 8 Provides a tax credit for modifying a home for a disabled person
Sponsor: Kennedy
LR Number: 0161S.01I Fiscal Note: 0161-01
Committee: Ways & Means
Last Action: 5/18/2007 - S Consent Calendar (2/15) Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2007

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Current Bill Summary


SB 8 - This act enables a taxpayer making less than $30,000 per year who modifies their home to be accessible to a disabled person who resides with the taxpayer, to claim a credit against their income tax for one hundred percent of the costs of modification, up to $2,500. For taxpayers making between $30,000 and $60,000, a credit will be allowed in the amount equal to fifty percent of the costs of modification, up to $2,500. All tax credits will be refundable, up to $2,500 per year. The credits are not transferrable. The credit has a statewide maximum of $100,000 per year. If ten million dollars in tax credits are not approved, for programs authorized under the rebuilding communities tax credit program, then up to the first one hundred thousand dollars in tax credits shall be used for the home modification tax Credit created by this act.

If any portion of the modification was claimed as a deduction on the taxpayer's federal income tax, then the amount of the tax credit shall be reduced by one third.

The credit applies to tax years beginning January 1, 2008, and expires December 31, 2013.

This act is identical to SB 877 (2006).

JASON ZAMKUS