Bill > H0008

This bill creates a personal income tax credit for homeowners in Vermont to help offset the costs of home modifications that enhance safety and livability. Specifically, individuals can claim a tax credit for up to $15,000 in lifetime qualified expenses for home improvements such as installing ramps, stair lifts, chair lifts, platform lifts, elevators, widening doorways and hallways, renovating bathrooms, and making other accessibility or safety-related modifications to their homestead. The term "homestead" is defined according to existing Vermont tax law, and the credit can be applied against income tax liability, with any excess credit able to be carried forward for up to three subsequent tax years. The bill's stated purpose is to help individuals live more safely in their homes, and the tax credit will become effective retroactively on January 1, 2025, applying to taxable years from that date forward. This legislation aims to support homeowners, particularly those with mobility challenges or safety concerns, by providing financial assistance for necessary home adaptations.

Budget and Finance

https://legislature.vermont.gov/bill/status/2026/H.8