MI SB1374

Allows a tax credit equal to 50% of qualified renovation costs, not to exceed $5,000, for tax years beginning after December 31, 2009.

Eligible claimants are senior citizens (age 65+) or persons with disabilities making renovations to their own home, or taxpayers funding renovations for a senior citizen or person with disability living in their home.

Qualified renovations include accessibility modifications (grab bars, ramps, door widening), room additions, building code compliance changes for disability housing, and safety features.

Credit must be claimed in the tax year when all qualified renovations are completed and can only be claimed once per senior citizen or person with disability.

Any excess credit beyond the taxpayer's tax liability shall be refunded to the taxpayer.