A Little Financial Help For Home Modifications Can Go A Long Way
Posted on May 04, 2012 by Megan Burke & Rachele King
On May 1, advocates from across Missouri joined together for a rally to encourage the Missouri legislature to support HB 1278 which includes several “charitable” or “contribution” tax credits including the Residential Dwelling Accessibility Tax Credit. The purpose of the Residential Dwelling Accessibility Tax Credit is to make home modifications more affordable so people with disabilities can live at home independently, reduce institutionalization, and to increase the accessible housing stock. Modifications to improve accessibility could include: ramp installations, door and hallway widening, handrails or grab bar installation, electrical outlets and switches location change, stairway lift installation, installing or modifying alert systems, modifying bathrooms, and door hardware.
This tax credit has been in effect since 2007 and will sunset in 2013 if the bill does not pass. If the bill passes, the tax credit will be extended to 2014. Having the ability to claim the tax credit helps individuals and families with disabilities make the vital modifications to their homes possible.
The Residential Dwelling Accessibility Tax Credit tax credit is available to taxpayers with an annual income of up to $60,000 and can cover up to 100% of modification costs, up to $2500. This is not a business tax credit. It benefits individuals with disabilities.
For more information about the Residential Dwelling Accessibility Tax Credit, or to find the MODAT form to apply for a tax credit, click here.