Bill > HB364

This bill creates a new tax credit for home installations aimed at helping older adults and individuals with physical or mental impairments improve their homes' habitability, efficiency, and accessibility. Specifically, the bill establishes a refundable home installation credit of up to $7,500 annually for eligible individuals who are 65 or older or have a qualifying disability. A "qualifying home installation" includes energy-efficient upgrades or modifications using sustainable materials, such as energy star-certified heating and cooling systems, water heaters, or other home improvement products. The credit will be available for taxable years beginning between January 1, 2026, and January 1, 2030. To ensure the program's effectiveness, the state department will be required to report annually to the legislature, providing details such as the number of returns claiming the credit, total credit amount, and a breakdown of credit claims by income ranges. The bill also amends existing tax law to establish the ordering of this new credit among other tax credits and allows the department to share information about the credit with the Legislative Research Commission.

Budget and Finance

https://apps.legislature.ky.gov/record/25RS/hb364.html