HB2099: Livable home; increases allowable tax credit.

Legislative Summary

Livable home tax credit. Increases from $1 million to $2 million, beginning in fiscal year 2024, the aggregate cap of tax credits allowed by the livable home tax credit in a fiscal year. The bill increases from $500,000 to $1 million, beginning in fiscal year 2024, the amount of credits allocated by the Department of Housing and Community Development to each of (i) the purchase or construction of new residences and (ii) the retrofitting and renovation of existing residences. The bill also increases from $5,000 to $6,500, beginning in taxable year 2023, the maximum amount of livable home tax credits an individual may claim in a taxable year.