Learn about the bill introduced to create financial incentives to proactively make accessibility upgrades to homes! Learn how you can help make this reality!
On May 6, 2022, Representatives Charlie Crist (D-FL) and Tom Suozzi (D-NY) introduced the Home Modification and Accessibility Act (H.R.7676), creating financial incentives for homeowners to proactively make accessibility upgrades to their homes. This bold action empowers homeowners to invest in home safety, security and accessibility upgrades to their primary residence without tax or penalty.
$30,000 lifetime benefit for singles or $60,000 for couples who file jointly.
After 59½, an above the line tax deduction in the amount spent on eligible home modifications (whether using retirement or other funds).
Before 59½ , use 401K or IRA funds without penalty for early withdrawal when used on eligible home modifications.
This bill will lower the cost of these projects by an average of 20%. Americans will be safer. New construction and specialized labor jobs will be created.