Senior Accessible Housing Act

Bill: 114-hr-5254
Sponsor: full_name: Rep. Murphy, Patrick [D-FL-18]
Introduced: 2016-05-16
Policy area: Taxation
Subjects: Aging

Housing for the elderly and disabled

Income tax credits

Residential rehabilitation and home repair
Latest action: action_date: 2016-05-16
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2016-05-16
action_desc: Introduced in House
text: <p><b>Senior Accessible Housing Act </b></p> <p>This bill amends the Internal Revenue Code to create a nonrefundable personal tax credit for senior citizens who modify their residences to enhance their ability to remain living safely, independently, and comfortably in the residences. </p> <p>The credit applies to up to $30,000 of the expenses that individuals who are at least 60 years old incur over their lifetime to make modifications to their residences, including: </p> <ul> <li> the installation of entrance and exit ramps, </li> <li>the widening of doorways, </li> <li> the installation of handrails or grab bars, </li> <li> the installation of non-slip flooring, and </li> <li> other modifications that the Internal Revenue Service (IRS) includes on a list of modifications that would enhance the ability of the individuals to remain living safely, independently, and comfortably in their residences. </li> </ul> <p>The IRS must establish and maintain the list of acceptable modifications after consulting with the Department of Health and Human Services and receiving input from the public </p>

tv_txt: I 114th CONGRESS 2d Session H. R. 5254 IN THE HOUSE OF REPRESENTATIVES May 16, 2016 Mr. Murphy of Florida (for himself, Mr. Poliquin , and Mr. Conyers ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to provide a 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 A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 (relating to nonrefundable personal credits) is amended by inserting after section 25D the following: 25E. 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 chapter for the taxable year an amount equal to the sum of all qualified expenditures made by the taxpayer with respect to a qualified residence during such year. (b) Lifetime Limitation The amount allowed as a credit under subsection (a) with respect to the taxpayer for any taxable year shall not exceed the excess (if any) of— (1) $30,000, over (2) the aggregate amount allowed as a credit under subsection (a) to such taxpayer for all prior taxable years. (c) Definitions For purposes of this section— (1) Qualified individual The term qualified individual means an individual who has attained 60 years of age. (2) Qualified expenditure The term qualified expenditure means an expenditure for any of the following modifications installed on a qualified residence: (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 has the meaning given that term in section 163(h)(4)(A). (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) and for piping or wiring to interconnect such modification to the dwelling unit shall be taken into account for purposes of this section. (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) , a qualified expenditure shall be treated as made when the original installation of the modification is completed. (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. . (b) Conforming amendment Section 1016(a) of such Code is amended— (1) by redesignating paragraphs (35) through (37) as paragraphs (36) through (38), respectively; and (2) by inserting after paragraph (34) the following new paragraph: (35) to the extent provided in section 25E(e), in the case of amounts with respect to which a credit has been allowed under section 25E, . (c) Clerical amendment The table of sections for subpart A of part IV of subchapter A of chapter 1 of such Code is amended by inserting after the item relating to section 25D the following new item: Sec. 25E. Home Modification Credit for Seniors. . (d) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2016.