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Tax Relief for Home Modifications for Seniors and Disabled Individuals

This bill aims to help homeowners finance improvements that enhance the safety and accessibility of their homes for aging or disabled adults. It allows penalty-free withdrawals from retirement plans and introduces a new tax deduction for such expenses, potentially easing the financial burden of home adaptations.
Key points
Allows penalty-free withdrawals of up to $30,000 from retirement plans for improvements to a primary residence that enhance accessibility, security, or safety for aging or disabled adults.
Introduces a new tax deduction of up to $30,000 for qualified home improvement expenditures for the same purposes, even if retirement funds are not used.
The changes apply to distributions made after December 31, 2021, and to expenses paid or incurred after December 31, 2022.
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Status:
Expired
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Additional Information
Print number: 117_HR_7676
Sponsor: Rep. Crist, Charlie [D-FL-13]
Process start date: 2022-05-06