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Virginia Livable Home Tax Credit (formerly Home Accessibility Credit) Tax Credit?

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Virginia Livable Home Tax Credit (formerly Home Accessibility Credit) Tax Credit?

Answer
Livable Home Tax Credit (formerly Home Accessibility Credit)
Individuals may be eligible for an income tax credit of $500 for the purchase of a new accessible residence and 25 percent of the cost of retrofitting activities on an existing residence not to exceed $500. Any tax credit that exceeds the eligible individual's tax liability may be carried forward for up to five 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 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 or retrofitting was completed. Documentation must be submitted with the application. If you are using a carryforward amount from the Home Accessibility Tax Credit, please enter that amount in Part XX, Line 91. 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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Views: 493 Created on: Jun 15, 2013
Date updated: Oct 06, 2014

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