Provides for an individual income tax credit for improvements made to the residences of individuals with certain disabilities (EN DECREASE GF RV See Note)
Impact
The bill amends existing laws related to individual income tax credits. It establishes a program cap on the total tax credits allowed per calendar year, which is set at $500,000. Furthermore, taxpayers can claim a credit that is limited to either $725 or 72% of their total tax liability, whichever is lower. This cap intends to balance the financial implications for the state while making the tax assistance available on a first-come, first-served basis for improvements made by eligible individuals.
Summary
House Bill 337 focuses on providing an individual income tax credit for eligible individuals who make specific residential improvements that accommodate certain disabilities. The bill is aimed at enhancing accessibility in housing by offering financial incentives to modify residences with barrier-free design elements, either in the construction of new homes or renovations of existing ones. This initiative seeks to support individuals with disabilities, ensuring they have access to safe and accessible living environments that meet their specific needs.
Sentiment
The sentiment surrounding HB 337 is largely positive, especially among advocacy groups for individuals with disabilities. The proposed credit is viewed as a crucial step in supporting home modifications that can lead to better living conditions for those affected by disabilities. That said, some concerns have been raised about the sustainability of the program and its impact on state revenue, which could influence future support among lawmakers.
Contention
Despite the generally favorable view of the bill, there are notable points of contention regarding how far the financial assistance will go and the selection criteria for beneficiaries. Questions about the effectiveness of the tax credit in truly making homes accessible, and the administrative processes for applying and receiving the credit, may influence discussions as the bill continues to be analyzed. Lawmakers might need to address these concerns to ensure that the intended objectives of the legislation are met.
Reduces the rate of the tax levied on the net income of individuals and increases the amount of the standard deduction for all filers (OR DECREASE GF RV See Note)
Authorizes an individual income tax deduction for certain amounts a taxpayer receives through hardship distributions from retirement accounts (EN DECREASE GF RV See Note)