Tax Credit for Lead Hazard Removal in Homes
This new law introduces a tax credit for homeowners who incur costs related to removing lead hazards, such as lead paint or pipes. The goal is to encourage the safe removal of lead from homes, aiming to reduce the number of children suffering from health issues due to lead poisoning. This allows citizens to receive a partial reimbursement for expenses incurred to improve the safety of their homes.
Key points
You can receive a tax credit of 50% of lead removal costs, up to $3,000 for comprehensive abatement or $1,000 for interim control measures.
The maximum cumulative credit per home is $4,000, applicable to homes built before 1978.
Eligible costs include risk assessment, lead abatement by certified professionals, interim control measures, and relocation costs for occupants during work.
To qualify, work must be performed by qualified contractors, and a certified inspector must provide written documentation confirming the home meets safety criteria after completion.
The law applies to costs incurred after December 31, 2020, and expires on December 31, 2024.
Expired
Additional Information
Print number: 117_S_1479
Sponsor: Sen. Whitehouse, Sheldon [D-RI]
Process start date: 2021-04-29