S.1315 - To amend the Internal Revenue Code of 1986 to provide a refundable credit for certain home accessibility improvements. (119th Congress)
Summary
S.1315 proposes a refundable tax credit for qualified home accessibility improvements. The credit is equal to 35% of expenditures, capped at $10,000 per year and $30,000 total, subject to income limitations. It targets individuals with disabilities or those over 60, aiming to help them live independently and safely in their homes.
Expected Effects
This bill, if enacted, would reduce the tax burden for eligible individuals who undertake home modifications to improve accessibility. It would also likely stimulate demand for home modification services and products. The bill also mandates studies and guidance to ensure the credit's effectiveness and accessibility.
Potential Benefits
- Provides financial assistance to individuals with disabilities and older adults for home modifications.
- Encourages independent living and aging in place.
- May reduce healthcare costs associated with falls and injuries.
- Stimulates the home modification industry, creating jobs.
- Increases the availability of accessible housing.
Potential Disadvantages
- The income limitations may exclude some individuals who could benefit from the credit.
- The credit may not fully cover the cost of extensive home modifications.
- Potential for fraud or abuse in claiming the credit.
- Increased complexity in tax filing for those claiming the credit.
- The overall cost to the government in tax revenue may be substantial.
Constitutional Alignment
The bill aligns with the general welfare clause of the Constitution (Preamble). Congress has the power to lay and collect taxes to provide for the general welfare of the United States. The bill uses the tax code to incentivize home improvements that benefit individuals with disabilities and older adults, promoting their well-being.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).