By Leada Gore
al.com
(TNS)
A new bill before Congress would open up a large tax credit to make it easier for senior citizens to stay in their homes.
Sens. Kirsten Gillibrand, D-NY, and Angela Alsobrooks, D-Maryland, recently introduced the Senior Accessible Housing Tax Credit Act. The act would provide tax credits of up to $10,000 for taxpayers age 60 and older who make qualifying improvements to their homes.
“A safe, accessible place to live should be a right, not a privilege, for our seniors,” Gillibrand said in a statement. “The Senior Accessible Housing Tax Credit Act would help seniors age with dignity by assisting with the cost of home modifications related to mobility needs.”
The nonrefundable tax credit would help cover expenses for certain home modifications on a primary residence or some second homes. It would be equal to the cost that’s spent on the project and would cover things such as wheelchair ramps, handrails, chair lifts, shower seats and more. Other eligible expenses would include widening doorways, installing non-slip flooring, replacing toilets or bathroom vanities or replacing kitchen or bathroom faucets.
Qualifying expenditures would also include certain labor costs related to the modifications. The deduction would phase out based on income.
A companion bill, the Visitable Inclusive Tax Credits for Accessible Living, or VITAL, Act, would expand the existing Low-Income Housing Tax Credit program to support the construction of more affordable housing units with accessibility features.
LIHTC is a federal program that provides tax credits to developers who build new housing for low-income renters. The VITAL Act would add incentives to encourage development of more homes for people with disabilities and senior citizens.
It would also require that states administering LIHTC ensure that at least 20% of their units are accessible and/or walkable and rollable.
The proposals come as America grapples with an aging population. By 2060, an estimated one in every four Americans will be age 65 and older. Currently, about 44% of adults age 65 and older have a disability, even though, as of 2011, less than 4% of the national housing supply was accessibly designed, according to a fact sheet about the bills.
Photo credit: Andy Feliciotti/Unsplash
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