| SB 1282 | Provides a tax credit for modifying a home for a disabled person |
| Sponsor: | Kennedy | |||
| LR Number: | 4708S.01I | Fiscal Note: | 4708-01 | |
| Committee: | Ways and Means | |||
| Last Action: | 05/07/04 - Voted Do Pass S Ways & Means Committee | Journal page: | ||
| Title: | ||||
| Effective Date: | August 28, 2004 | |||
SB 1282 - This act will enable 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 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 1/3.
The credit applies to tax years beginning January 1, 2005, and expires December 31, 2010.
The act reduces the cap on the mature worker tax credit by $100,000.
This act is similar to SB 982 (2002) & SB 46 (2003).
JEFF CRAVER