Bill > S04663

This bill creates a disabled person retrofit tax credit in New York. It provides a tax credit equal to 30% of the cost of expenditures, up to $5,000, for making qualified improvements to a taxpayer's primary residence, such as installing no-step entrances, wider interior doors, bathroom reinforcements for grab bars, and accessible light switches and outlets. The credit can be carried over to future years if it exceeds the taxpayer's tax liability. The bill sets a $1 million annual cap on the aggregate amount of credits allowed, allocated on a first-come, first-served basis. The credit applies to tax years beginning on or after January 1, 2022.