Creating a home retrofitting tax credit available against the individual income tax, and including applicability provisions

This bill creates a home retrofitting tax credit against the individual income tax. The bill lists numerous “home retrofitting” projects that qualify for the credit which relate to providing accessibility to a qualifying residential home. The bill defines “qualifying residence” to mean the same as defined in section 163 of the Internal Revenue Code which is owned by a person years of age or older. The bill defines “qualified person” to mean a certified aging-in-place specialist or a universal design certified professional. The amount of the credit shall not exceed $5,000 of the actual costs of the home retrofitting project on a qualified residence. The bill limits the credit to $30,000, in the aggregate, during the lifetime of the taxpayer. A credit provided in the bill in excess of tax liability is not refundable but the excess for the tax year may be credited to the tax liability for the following five years or until depleted, whichever occurs first. The department of revenue is required to develop a system for the application, review, and authorization of tax credits awarded pursuant to the bill and shall control the issuance of all tax credit certificates. The bill applies to tax years beginning on or after January 1, 2022.