This bill creates a new tax credit to help seniors age 60 and older pay for home modifications that improve accessibility and safety. Eligible individuals can claim up to $10,000 per year in tax credits for expenses like installing wheelchair ramps, grab bars, handrails, chair lifts, widened doorways, and other similar modifications to their primary residences. The credit phases out for higher-income taxpayers, with the income thresholds ranging from $100,000 to $200,000 depending on filing status, and the credit amount reduces by $1 for every $2 of income above these thresholds. The credit applies to taxable years beginning after December 31, 2026, and the dollar limits will be adjusted annually for inflation starting in 2028. The legislation also prevents taxpayers from claiming the same expenses as both a tax credit and a tax deduction, and requires the Treasury Department to issue guidance on how to implement the program.
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