Bill > S1315

This bill amends the Internal Revenue Code to create a new refundable tax credit for home accessibility improvements for seniors and individuals with disabilities. The credit allows taxpayers to claim 35% of qualified home improvement expenses, up to $10,000 per year and $30,000 total over their lifetime. To qualify, the improvements must be made to make a home more accessible for a person who is either over 60, receives disability benefits, or has a physician-certified disability. Eligible improvements include installing ramps, widening doorways, modifying bathrooms, adding handrails, installing lifts, creating level flooring, adding assistive technologies, and many other modifications that enhance home accessibility. The credit is subject to income limitations, with reduced benefits for higher-income taxpayers (phasing out for individuals with modified adjusted gross incomes above $200,000-$400,000 depending on filing status). The bill also requires the Treasury Department to create and regularly update a comprehensive list of qualifying improvements, conduct public outreach about the credit, and mandates a Government Accountability Office study to assess the credit's effectiveness in helping seniors and disabled individuals live independently. The tax credit will become available for taxable years beginning after December 31, 2024.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/1315/all-info