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Virginia Livable Home Tax Credit (formerly Home Accessibility Credit)

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Virginia Livable Home Tax Credit (formerly Home Accessibility Credit)

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Livable Home Tax Credit

Individuals or licensed contractors may be eligible for an income tax credit of up to $5,000 for the purchase or construction of a new accessible residence or up to 50% of the cost of retrofitting activities on an existing residence, not to exceed $5,000. Any tax credit that exceeds the eligible individual’s or licensed contractor’s tax liability may be carried forward for up to 7 years. If the total amount of tax credits issued under this program exceeds $1 million in a fiscal year, Virginia Department of Housing and Community Development (DHCD) will prorate the amount of credits among the eligible applicants. Individuals or licensed contractors must obtain pre-approval before claiming the credit on their income tax returns. Applications are to be filed with the DHCD by February 28 of the year following the year in which the purchase/construction or retrofitting was completed. Documentation must be submitted with the application. Enter any carryforward amount of the Livable Home Tax Credit in Section 1, Part 20, Line B of Schedule CR. For more information, contact: Virginia Department of Housing and Community Development, Special Needs Housing, Main Street Centre, 600 East Main Street, Suite 300, Richmond, VA 23219, or call (804) 371-7124.


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Article Details
Views: 1233 Created on: Jun 15, 2013
Date updated: Dec 18, 2018
Posted in: States, Virginia

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