Tax Credit for Lead Hazard Removal from Homes
This new law introduces a tax credit for homeowners who incur costs related to removing lead hazards from their properties. The aim is to protect health, especially children's, from the harmful effects of lead, which can lead to developmental and learning problems. Thanks to this credit, citizens can recover a portion of their expenses for safe lead removal, reducing the cost of improving safety in their homes.
Key points
You can receive a 50% reimbursement for lead removal costs, up to a maximum of $3,000 for comprehensive work or $1,000 for interim control measures.
The total credit amount for a single property cannot exceed $4,000 across all tax years.
The credit applies to homes built before 1978 and covers costs for assessment, lead abatement, cleanup, and potential temporary relocation.
To qualify, work must be performed by certified professionals, and completion must be confirmed with written documentation.
The provisions apply to costs incurred after December 31, 2020, and are effective until December 31, 2024.
Expired
Additional Information
Print number: 117_HR_2875
Sponsor: Rep. Cohen, Steve [D-TN-9]
Process start date: 2021-04-28