home modification tax credit

Home Modification Tax Credit

An important part of financial planning is anticipating how you will adapt to the impact of aging or disability. In 2008 the CDC estimated that 13.7% of all adults live with a mobility disability, defined as a serious difficulty walking or climbing stairs.


Retrofitting one’s home with adaptive equipment or features can be expensive. In 2018 the Colorado Legislature enacted HB 18-1267, the Income Tax Credit for Retrofitting Home for Health bill, available for retrofits completed during tax years 2019-2023. A State tax credit of up to $5,000 per person with a disability in the household may be awarded.


Here’s what you should know


There are a number of qualifications and restrictions, however. Before you begin any work, visit www.colorado.gov/pacific/dola/home-modification-tax-credit for a full list of requirements, or call 303-864-8425 or 303-864-7849.


Sharie H, a client from Arvada, was recently awarded the full $5,000 credit for a kitchen remodel which included pull-down and pull-out cabinet inserts. She told me, “It’s great to be able to safely use all of the cabinet space, even the back corners I could never reach before!”


The tax credit will enable her family to forego making quarterly estimated Colorado tax payments for quite a while, putting a little extra money straight into their household budget!


Thanks so much to Sharie for informing me (and now you!) about this important benefit to those with a change in mobility.  Any tool we can use to stay in our homes as we age is a bonus.

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