If you could have your home modified to make it easier to come and go, access the bathroom or kitchen, or get up and down the stairs and receive up to a $5,000 rebate in the process, would you be interested? If so, now is the time to act! The Livable Homes Tax Credit is not a rebate, but a tax credit offered by the Commonwealth of Virginia for up to $5,000 for the purchase or construction of a new home with accessible features, or half the cost of remodeling an existing home to incorporate accessible features up to $5,000. The credit applies to State income tax, and if it exceeds your tax liability, you can carry the credit forward up to seven years.
Here’s how it works. In order to get the tax credit for 2012, you need to purchase or build an eligible new home or complete the eligible remodeling work before the end of the year. In order to be eligible, a remodeling project must include at least one accessibility feature. Some common accessibility features include:
- Accessible route
- Zero step entrance
- Doors with at least 32” of clear width
- Hallways and passages with at least 36” of clear width
- Accessible light switches, electrical outlets, and environmental controls
- Accessible bathroom
- Accessible and usable kitchen facilities
- Lifts
- Elevators
- Ramps
- Sensory Modifications
In short, any Home Modification that makes it easier to get in and out of your home and access the amenities will qualify for the credit. Once again the credit for remodeling is half the cost of the project up to $5,000. Simply complete the project by December 31, 2012 and send in the application by February 28, 2013. For Solid Rock Enterprises, Inc. customers, we will provide you the application and help you get it filled out and sent in.
If a new home is more to your liking and you would like receive the credit for 2012 you would need to purchase or build a new home before the end of the year that contains the three features of Universal Visitability or at least three accessibility features and meet the requirements of an existing standard. The three features of Universal Accessibility are:
At least one zero-step entrance allowing access into the residence
An accessible bathroom on the same floor as the zero step entrance
Doors with at least 32” of clear width and hallways/passageways with at least 36” clear width to the accessible bathroom and an eating area
If all three of these features are not included in the home, you must have at least three accessible features and meet the requirements of an existing standard. What the requirements of an existing standard are is somewhat open to interpretation since there is no single recognized standard for accessibility in private homes. However, the standards mentioned in the application are adaptability features prescribed by the Virginia Uniform Statewide Building Code, the specifications of the American National Standards Institute, the Uniform Federal Accessibility Standard, and the Fair Housing Guidelines. If you have purchased or built a home this year and are not sure if it qualifies, get in touch with me and I’ll try to help.
If you have been considering a remodeling project, now is the time to move forward so you can reap the benefits of the tax credit. Please give me a call at (540) 384-2064 or email me at cmoore@solidrockenterprises.com. I will show you how you can improve your home and lower your tax burden at the same time!
