--Livable Home Tax Credit Bill to go to Senate----First "Help Housing Now" Coalition Bill Moves Forward--
Delegate Christopher K. Peace (R-Mechanicsville) announces the unanimous passage his "Livable Home" tax credit measure by the House of Delegates. The bill restructures a well established tax credit to require that the taxpayer retrofit a greater percentage of the home to qualify for the credit. Simultaneously, the individual tax credit limit moves from $500 to $2,000. This more attractive incentive would begin on or after January 1, 2010 and goes to homeowners who make accessibility improvements to their residences or purchase new homes. The credit itself was established in 1998. The program is capped at $1 Million annually.
Under the current program, if the owner spends $3,000 on accessibility improvements, they would qualify for a maximum credit of $500. Under these revisions, the owner could receive a credit of $2,000. Since many owners who need to make accessibility improvements have limited incomes, the increase in these limits should encourage the elderly on fixed incomes or the more disabled persons greater access to the program.
"In this time of economic challenge leaders must come together to put Virginia First in bipartisan ways, working together for solutions and in this case to help citizens make their homes or purchase of new homes more accessible," stated Peace.
Livable Home Tax Credit (formally Home Accessibility Credit) is being administered by the Department of Housing and Community Development (DHCD). Applications are to be filed with the Virginia Department of Housing and Community Development (DHCD) by February 28 of the year following the year in which the purchase or retro-fitting was completed. For additional information please contact Kathy Robertson at 804-225-3129.
The livable home tax credit measure is a part of the Help Housing Now package introduced by Peace and a bi-partisan coalition of fellow legislators and representatives of the housing industry- both for-profits and non-profits the day before the opening session of the 2009 General Assembly session.