MS HB19

Establishes the Livable Homes Tax Credit Act allowing taxpayers to claim an income tax credit of up to $8,000 for purchasing a new, never-occupied residence designed with universal accessibility features.

Allows taxpayers to claim an income tax credit of up to $8,000 for retrofitting an existing residence to improve accessibility and provide universal visitability.

Credits are earned in the taxable year the residence is purchased or retrofitted and cannot exceed the taxpayer's total tax liability for that year minus other allowable credits.

Unused tax credits may be carried forward for five consecutive years from the year the credit was earned.

Annual tax credits claimed statewide are capped at $550,000; if exceeded, credits are reduced proportionally with the reduced portion available to claim in the following taxable year.