Creates a disabled person retrofit tax credit; provides a tax credit that is equal to thirty percent of the cost of expenditures, up to $5,000 for making qualified improvements.
Summary
Bill S04026 proposes the establishment of a disabled person retrofit tax credit in New York State, allowing taxpayers to receive a tax credit equal to thirty percent of the costs incurred for qualified improvements made to their primary residence. The maximum credit per taxpayer is capped at $5,000 for each dwelling, with specific improvements defined, including no-step entrances, wider door openings, bathroom reinforcements for grab bars, and accessible light switches and outlets. The bill aims to support individuals with disabilities by making their homes more accessible and accommodating.
Impact
If enacted, this bill will amend the New York State tax law to introduce a new tax credit specifically for individuals making necessary modifications to their homes to improve accessibility for disabled persons. This will provide financial relief to taxpayers who invest in making their residences more suitable for their needs, potentially increasing the number of accessible homes in the state. The bill also sets an annual cap of one million dollars on the total amount of credits available, which will be allocated on a first-come, first-served basis.
Sentiment
The sentiment surrounding Bill S04026 appears to be generally positive, as it addresses a significant need for accessibility improvements for disabled individuals. However, there may be concerns regarding the cap on the total credits available each year, which could limit the number of taxpayers who benefit from the program. Discussions may focus on the adequacy of the funding and the potential demand for the credits.
Contention
Notable points of contention may arise regarding the annual cap of one million dollars for the total tax credits, which some stakeholders may argue is insufficient given the potential demand from disabled individuals seeking home modifications. Additionally, there may be discussions about the eligibility criteria for qualified improvements and whether the defined improvements adequately address the diverse needs of disabled persons. Some advocates may push for broader definitions or higher funding limits.
Creates a disabled person retrofit tax credit; provides a tax credit that is equal to thirty percent of the cost expenditures, up to $5,000 for making qualified improvements.
creating an off-site infrastructure improvement tax credit for the value of qualified off-site infrastructure improvements constructed or funded by business organizations that directly benefit the public.