Authorize income tax credit for disability-related home expenses
Impact
The introduction of HB405 is expected to have a significant impact on state tax laws by broadening the scope of tax relief available to elderly and disabled citizens. By allowing for tax credits on necessary home modifications—such as wheelchair ramps and other accessibility features—the bill not only supports the independence of individuals with disabilities but could also lead to cost savings for state programs related to assisted living and long-term care. If passed, it will amend existing sections of the Ohio Revised Code, specifying how these credits will be managed within the state’s tax system.
Summary
House Bill 405 aims to introduce a refundable income tax credit for eligible taxpayers who incur expenses related to making their homes more accessible for individuals who are either over fifty-nine years of age or permanently and totally disabled. This tax credit, which is set at a maximum of $5,000 for qualifying disability-related home expenses, encourages modifications that enhance the ability of these individuals to continue living independently in their homes. The bill defines qualifying taxpayers and outlines the specifics of what constitutes disability-related expenses, thus providing a legal framework to support those who may otherwise have to relocate to assisted living facilities due to physical limitations.
Conclusion
Overall, HB405 presents an innovative approach to support Ohioans with disabilities, promoting inclusivity and independence while also aiming to reduce future healthcare costs associated with institutional care. As discussions continue, stakeholders will need to address fiscal concerns while ensuring that the provisions of the bill effectively meet the needs of eligible taxpayers.
Contention
Despite the potential benefits, there are points of contention surrounding HB405. Critics may raise concerns regarding the fiscal implications of introducing such credits and the possible consequences for state revenue. Additionally, the cap on the total amount of credits that can be issued per calendar year, set at fifteen million dollars, could lead to disputes about the fairness and accessibility of these tax benefits. Some may argue that this limit disproportionately affects low-income families who may struggle to finance necessary home modifications without substantial financial aid.
To amend sections 5747.08 and 5747.98 and to enact section 5747.87 of the Revised Code to authorize a nonrefundable income tax credit for fertility treatment expenses.
To amend sections 3301.12, 5502.63, 5747.08, and 5747.98 and to enact sections 2923.1215, 2923.1216, 3901.97, 5502.621, and 5747.74 of the Revised Code to require secure storage of firearms, to authorize income tax credits, to name this act the Keep Every Home Safe Act, and to make an appropriation.
Regulates institutional investor activities related to ownership of single-family homes, including purchase and lease; supports certain homebuyer assistance programs.