Senior Accessible Housing Act

To amend the Internal Revenue Code of 1986 to provide a refundable tax credit to seniors who install modifications on their residences that would enable them to age in place, and for other purposes. 1. Short title This Act may be cited as the Senior Accessible Housing Act 2. Home Modification Credit for Seniors (a) In general Subpart C of part IV of subchapter A of chapter 1 36C. Home modification credit for seniors (a) Allowance of Credit In the case of a qualified individual, there shall be allowed as a credit against the tax imposed by this subtitle for the taxable year an amount equal to the aggregate qualified expenditures made by the taxpayer with respect to a qualified residence during such year. (b) Limitations (1) Limitation based on adjusted gross income (A) In general The amount of the credit allowable under subsection (a) shall be reduced (but not below zero) by $1 for each $2 (or fraction thereof) by which the taxpayer’s modified adjusted gross income exceeds the threshold amount. (B) Threshold amount For purposes of subparagraph (A), the term threshold amount (i) $150,000 in the case of a joint return, and (ii) $100,000 in any other case. (C) Modified adjusted gross income For purposes of this paragraph, the term modified adjusted gross income (i) increased by any amount excluded from gross income under section 911, 931, or 933, and (ii) reduced by any amount of social security benefits (as defined in section 86(d)) which is included in gross income under section 86 for the taxable year. (D) Marital status For purposes of this paragraph, marital status shall be determined under section 7703. (2) Lifetime credit limitation The amount allowed as a credit under subsection (a) (A) $30,000, over (B) the aggregate amount allowed as a credit under subsection (a) (c) Definitions For purposes of this section— (1) Qualified individual The term qualified individual (2) Qualified expenditure The term qualified expenditure (A) The installation of entrance and exit ramps. (B) The widening of doorways. (C) The installation of handrails or grab bars. (D) The installation of non-slip flooring. (E) A modification that is included in a list established and maintained in accordance with subsection (d)(2) (3) Qualified residence The term qualified residence (d) Special Rules (1) Labor costs Expenditures for labor costs properly allocable to the onsite preparation, assembly, or original installation of a modification described under subsection (c)(2) (2) List of modifications The Secretary, in consultation with the Secretary of Health and Human Services and after receiving the input of members of the public (including seniors groups, health organizations, and social services organizations), shall establish and maintain a list of any modification that, if installed on a residence of a qualified individual, would enhance the ability of such individual to remain living safely, independently, and comfortably in such residence. (3) When expenditure made (A) In general Except as provided in subparagraph (B) (B) Expenditures as part of building construction In the case of a qualified expenditure in connection with the construction or reconstruction of a structure, such expenditure shall be treated as made when the original use of the constructed or reconstructed structure by the taxpayer begins. (e) Basis Adjustments For purposes of this subtitle, if a credit is allowed under this section for any expenditure with respect to any property, the increase in the basis of such property which would (but for this subsection) result from such expenditure shall be reduced by the amount of the credit so allowed. (f) Credit may be assigned (1) In general If the taxpayer elects the application of this subsection for any taxable year, any portion of the credit determined under this section (after the application of subsection (b)) for such year which would (but for this subsection) be allowable to the taxpayer may be assigned to any person who is an eligible designee. The person so designated shall be allowed the amount of the credit so assigned and shall be treated as the taxpayer with respect to such credit for purposes of this title (other than this paragraph), except that such credit shall be treated as a credit listed in section 38(b) for such taxable year (and not allowed under subsection (a)). (2) Eligible designee For purposes of paragraph (1), the term eligible designee (A) with respect to the qualified residence, makes any modification described in subsection (c)(2) with respect to which the credit allowable under subsection (a) is attributable, (B) is licensed by the local governmental jurisdiction in which the qualified residence is located to make the modification or installation, and (C) is credentialed in aging home modification by an entity approved by the Secretary of Health and Human Services pursuant to section 2(b) of the Senior Accessible Housing Act (3) Election requirements Any election under paragraph (1) shall include such information and shall be made at such time, and in such form and manner, as the Secretary shall by regulation prescribe. . (b) Certification requirements For purposes of section 36C(f)(2)(C) (c) Conforming amendments (1) Section 38(b) of such Code is amended by striking plus , plus (34) the portion of the home modification credit for seniors assigned to the taxpayer under section 36C(f). . (2) Section 1016(a) of such Code is amended by striking and ; and (39) to the extent provided in section 36C(e), in the case of amounts with respect to which a credit has been allowed under section 36E. . (3) Paragraph (2) of section 1324(b) of title 31, United States Code, is amended by inserting 36C, 36B, (d) Clerical amendment The table of sections for subpart C of part IV of subchapter A of chapter 1 Sec. 36C. Home modification credit for seniors. . (e) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2020.

Summary: Senior Accessible Housing Act This bill allows a refundable income tax credit to individual taxpayers who have attained age 60 for expenditures in their residences for the installation of entrance and exit ramps, the widening of doorways, the installation of handrails, grab bars, and non-slip flooring. The amount of the credit is reduced if a taxpayer's adjusted gross income exceeds certain threshold amounts and is limited to a lifetime amount of $30,000 over amounts paid in previous taxable years.