Sen. Felag introduces RI Livable Home Tax Credit legislation
State House – Sen. Walter S. Felag, Jr. (D-Dist. 10, Warren, Bristol, Tiverton) has introduced legislation (2017-S 0477) that would create the Rhode Island Livable Home Tax Credit. The act would provide a tax credit against the state’s personal income tax for taxpayers who purchase new residences or retrofit residences which meet or are modified to meet standards that make the residences more accessible for the elderly or disabled persons.
“The elderly and disabled population in our state have specific needs within their homes that can unfortunately be extremely expensive for themselves and their caregivers. This tax credit would help alleviate the costs to keep our aging and disabled populations in their homes and communities while also saving the state’s taxpayers millions of dollars in nursing home Medicaid costs,” said Senator Felag.
The act is aimed at helping Rhode Island’s aging population stay safely in their homes longer rather than over burdening the state’s nursing homes, which costs taxpayers millions of dollars each year in Medicaid costs. With the state’s aging population rising each year, there is a distinct need for housing that is safe and adapted to the needs of the elderly.
The tax credit would apply for family members and caregivers who spend thousands of dollars out of pocket to care for and adapt existing homes for elderly family members. Adaptations to homes that would qualify pertain to fixes that would help reduce elderly falls within the home and other changes that would keep the elderly and disabled in their communities for longer periods of time.
The act is cosponsored by Sen. Michael J. McCaffrey (D-Dist. 29, Warwick), Sen. Joshua Miller (D-Dist. 28, Cranston, Providence), Sen. Paul V. Jabour (D-Dist. 5, Providence) and Sen. Majority Whip Maryellen Goodwin (D-Dist. 1, Providence). The bill has been referred to the Senate Committee on Finance for consideration.