H.R.2749 - To amend the Internal Revenue Code of 1986 to provide a refundable credit for certain home accessibility improvements. (119th Congress)
Summary
H.R. 2749 proposes a refundable tax credit for qualified home accessibility improvements. This credit aims to assist individuals, particularly those with disabilities or over the age of 60, in making their homes more accessible. The bill outlines specific improvements that qualify for the credit and sets limitations based on income and expenditure amounts.
Expected Effects
The bill, if enacted, would reduce the tax burden for eligible individuals who undertake home modifications to improve accessibility. It would also stimulate economic activity in the home improvement sector. The Government Accountability Office (GAO) would be required to study the effectiveness of the tax credit and suggest potential improvements.
Potential Benefits
- Provides financial assistance to individuals for home accessibility improvements.
- Encourages independent living for seniors and individuals with disabilities.
- Stimulates the home improvement industry, creating potential jobs.
- Offers a refundable credit, benefiting even those with low tax liability.
- Mandates a GAO study to assess the credit's effectiveness and identify areas for improvement.
Potential Disadvantages
- The income limitations may exclude some individuals who could benefit from the credit.
- The credit is capped, potentially not covering the full cost of extensive home modifications.
- Increased complexity in the tax code, requiring additional guidance and compliance efforts.
- Potential for fraud or abuse in claiming the credit.
- The cost of the tax credit could increase the national debt if not offset by other savings.
Constitutional Alignment
The bill aligns with the general welfare clause of the Constitution (Preamble). Congress has the power to lay and collect taxes to provide for the general welfare of the United States. The bill also aligns with the spirit of the Fourteenth Amendment's Equal Protection Clause by providing assistance to individuals with disabilities, promoting their ability to live independently.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).