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OH HB332
Bill
Status
9/21/2011
Primary Sponsor
Mark Okey
Click for details
AI Summary
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Establishes a nonrefundable income tax credit for renovating existing residences to improve accessibility and universal visitability, equal to 50% of renovation costs, capped at $1,000 per residence.
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Authorizes a nonrefundable income tax credit for purchasing or constructing new accessible residences, equal to the purchase price or construction costs, capped at $2,500 per residence.
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Sets a total annual credit limit of $300,000, with $200,000 allocated to renovation credits and $100,000 allocated to new construction/purchase credits.
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Requires taxpayers to apply through the Department of Development and prohibits credits for residential rental property or transactions between family members.
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Allows unused credits to be carried forward for seven taxable years and integrates the credit into the tax code's established credit claiming order as item (33).
Legislative Description
To authorize a nonrefundable income tax credit for the purchase or construction of an accessible home or for the renovation of a home to improve its accessibility.
Income tax credit-purchase/construct/renovate to make into accessible home
Last Action
To Ways & Means
9/21/2011