SB791: Residential tax credit; to improve accessibility and visitability for new or existing residence.
Be it enacted by the General Assembly of Virginia:
1. That § 58.1-339.7 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-339.7. Livable Home Tax Credit.
A. For taxable years beginning on and after January 1, 2000,
any taxpayer who purchases a new residence or
retrofits or hires someone to retrofit a an existing
residence with one or more accessibility features, as
defined in this section, provided
that such residence or the retrofitting of such residence is designed to improve the accessibility or quality
of life for disabled individuals and meets
the eligibility requirements established
by guidelines developed by the Department of Housing and Community Development,
shall be entitled to a credit against the tax imposed pursuant to § 58.1-320 of
an amount equal to twenty-five percent of the total amount spent for such residence
or the retrofitting of
such residencefeatures, provided such features are not otherwise
required by law. The amount of the credit shall not exceed $500Such a creditand
shall require application by the taxpayer as provided in subsection C. For
purposes of this section, the purchase of a new residence means a
transaction involving the first sale of a residence
or dwelling.
For purposes of this section, "accessibility
features" means (i) one no-step entrance allowing access into the
residence; (ii) interior passage doors providing a thirty-two-inch wide clear
opening; (iii) reinforcements in bathroom walls and installation of grab bars
around the toilet, tub, and shower; (iv) light switches and outlets placed in
wheelchair-accessible locations; and (v) universal design features or those
accessibility or adaptability features prescribed in the Virginia Uniform
Statewide Building Code (USBC), as amended.
B. The amount of the credit shall not exceed $500 orIn no event, however, shall the credit exceed the
total amount of tax imposed by this chapter, whichever
is less, in the year such features are
completedthat such purchase or retrofitting is completed.
If the amount of the credit exceeds the taxpayer's tax liability for such tax
year, the amount whichthat
exceeds such liability may be carried over for credit by the taxpayer in the
next five taxable years until the total amount of the tax credit has been
taken.
C. Eligible taxpayers shall apply for the credit by making application to the Department of Housing and Community Development. The total amount of tax credits granted under this section for any taxable year shall not exceed $1 million. In the event applications for the tax credit exceed the $1 million amount, the Department shall apportion the money by dividing the $1 million by the total amount of tax credits applied for to determine the percentage each taxpayer shall receive.
2. That the Department of Housing and Community Development shall develop guidelines establishing the eligibility requirements for the provisions of this act by September 30, 2007.
3. That the provisions of this act shall be applicable to new residences purchased or existing residences retrofitted for the taxable years beginning on or after January 1, 2008.