CT SB01071

Establishes a tax credit for individuals with household income not exceeding $150,000 who retrofit their residence to enable aging in place, effective for taxable years 2020-2024.

Credit amount equals the actual retrofitting costs or $5,000, whichever is less, and must be claimed by filing a certificate from the Secretary of the Office of Policy and Management with the income tax return.

Caps total certificates issued annually at $1 million per taxable year, issued on a first-come, first-served basis.

Allows unused credits to be carried forward for up to five succeeding taxable years if the credit exceeds the taxpayer's current year tax liability.

Requires the Secretary of the Office of Policy and Management to submit annual reports to the Commissioner of Revenue Services (through January 1, 2024) listing taxpayer names, Social Security numbers, and allocated credit amounts.