An Act To Amend the Laws Governing the Home Accessibility Tax Credit
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 36 MRSA §5219-PP, sub-§4, as amended by PL 2017, c. 375, Pt. C, §2, is further amended to read:
4. Limitations; carry-forward. The credit under this section must be taken in the taxable year in which the certification required by subsection 3 is made by the Maine State Housing Authority, except that the credit claimed for any taxable year beginning on or after January 1, 2018 may not include qualified expenditures for which a credit has been claimed for a tax year beginning in 2017. The Except as provided in subsection 6, the credit allowed under this section may not reduce the tax otherwise due under this Part to less than zero. Any unused portion of the credit may be carried forward to the following year or years for a period not to exceed 4 years.
Sec. 2. 36 MRSA §5219-PP, sub-§6 is enacted to read:
6. Refundability of credit. The credit under this section is refundable for eligible individuals who are 65 years of age or older and whose Maine adjusted gross income is equal to or less than 138% of the federal poverty level as defined in section 6271, subsection 1, paragraph B.
summary
This bill provides that the income tax credit for homestead modifications to improve accessibility for an individual with a disability or physical hardship is refundable if the individual is 65 years of age or older and the individual's Maine adjusted gross income is equal to or less than 138% of the federal poverty level.