Coloradans with health issues who want to remodel their homes to make them more livable can now take advantage of an income tax credit that became state law last year.
In a statement Wednesday, the Department of Local Affairs said the Home Modification Tax Credit program was launched at the start of this year. Individuals can request a tax credit of up to $5,000 a year on work on their homes if they have an illness, impairment, or disability that necessitates the remodeling and have an adjusted family income at or below $150,000 for the 2019 income tax year.
“The ability to live independently in your home is a priority for many Coloradans, and we are happy to be able to provide a program that incentivizes those who are making their homes more accessible and self-sufficient,” Alison George, who directs DOLA’s Division of Housing, said in the statement.
The total maximum tax credits per year are limited to $1 million.
The chief sponsors of HB18-1267, the Income Tax Credit for Retrofitting Home for Health, were representatives Matt Gray, a Broomfield Democrat, and Hugh McKean, a Loveland Republican, and Sen. Jack Tate, a Denver Republican.