SB 23-196

Senate Bill 23-196 extends an income tax credit for people with disabilities who earn $150,000 or less annually and need to make home improvements to increase accessibility. The bill allows these individuals to claim the tax credit for five more years and extends the period during which they can carry forward unused portions of the credit from five to eight years. This bill was signed by the governor on May 30, 2023, and became effective on August 7, 2023. It helps families afford necessary home modifications that improve accessibility for those with disabilities.

Official Summary

The act extends for an additional 5 years the income tax credit for expenses incurred by an individual with a family income at or below $150,00, adjusted for inflation, (qualified individual) in retrofitting the individual's residence to increase its accessibility for persons with disabilities. The act also extends the credit carry-forward period from 5 to 8 years. APPROVED by Governor May 30, 2023 EFFECTIVE August 7, 2023 NOTE: This act was passed without a safety clause and takes effect 90 days after sine die. (Note: This summary applies to this bill as enacted.)

Votes