Home Modification for Accessibility Act Introduced into Congress
on May 17, 2022
On May 6, 2022, U.S. Representatives Charlie Crist (D-FL) and Thomas Suozzi (D-NY) introduced the Home Modification for Accessibility Act into Congress. This legislation provides tax incentives for home modifications so seniors and those with disabilities can more easily and safely continue living in their own homes. Under this legislation, homeowners will be able to take proactive measures to modify and update their homes, allowing them to safely and comfortably age in place, and creating new job opportunities for skilled laborers and contractors.
Read the press release from Rep. Crist.
According to the HomesRenewed™ Coalition, this legislation would provide:
- $30,000 lifetime benefit for singles or $60,000 for couples who file jointly.
- After age 59½, an above the line tax deduction in the amount spent on eligible home modifications (whether using retirement or other funds).
- Before age 59½, the ability to use 401K or IRA funds without penalty for early withdrawal when used on eligible home modifications.
- This bill will lower the cost of home modification projects by an average of 20%. Americans will be safer. New construction and specialized labor jobs will be created.
This legislation is very exciting for the home accessibility industry. VGM Live at Home, along with HomesRenewed™ Coalition, and other industry stakeholders have been working on getting legislation introduced for many years.
“Louis Tenenbaum has been instrumental at getting this legislation introduced,” said Jim Greatorex, vice president of VGM Live at Home. “The project started out as a coalition, where we had a team that was meeting with Louis on a regular basis about legislation. He hired Sheraton Group as the lobbyist group to take this to Capitol Hill and to get a sponsor and someone to be the lead and write the bill. We worked with folks to put together a bill that would have a chance of getting passed.”
Now that we have legislation, the goal is to get as many congressional representatives to co-sign it. We will also be working on getting a Senate companion bill introduced. Please reach out to your representative to request that they co-sponsor this legislation.