Reps. Crist, Suozzi intro tax deduction for home mods
By HME News Staff
Updated 10:34 AM CDT, Tue May 10, 2022
WASHINGTON – Reps. Charlie Crist, D-Fla., and Thomas Suozzi, D-N.Y., have introduced a bill that would provide tax incentives for home modifications so seniors and those with disabilities can more easily and safely continue living in their own homes. The Home Modification for Accessibility Act empowers Americans to make decisions about where and how they live by offsetting the costs associated with making home modifications through a penalty free early retirement withdrawal and lifetime tax deduction of up to $30,000. This will reduce injuries and subsequent medical costs associated with falls, as well as drive development and investment in the market and create new job opportunities for skilled laborers and contractors, the congressmen say. “We have a storm coming, with the number of disabled elders expected to double in the coming years,” said Suozzi. “Fewer family caregivers are available for these aging Americans and the market for long-term care insurance is not currently sufficient to address these demographic challenges. We must do all we can to ensure New Yorkers have the option to live and age safely in the comfort of their own home.” The American Association of Retired Persons (AARP) reports that roughly 90% of people ages 65-plus would prefer to age in their homes rather than move to an assisted living facility or nursing home. Aging at home is also cheaper and more cost effective than having to live in a nursing home, where room costs can average anywhere from $6,000 to $8,000 a month.
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