Multigenerational HOMES Act

This bill would create a federal income tax credit equal to 15 percent of what a person spends to renovate their main home, or a secondary unit on the same property, so that a relative who is 65 or older or disabled can live there. Covered costs include equipment that improves safety, mobility, or accessibility, the labor to install it, and required inspections. The credit is capped at $7,500 per home over the taxpayer's lifetime and is reduced for people with modified adjusted gross income above $200,000 ($400,000 for joint filers). Taxpayers with income at or below the area median could receive the credit as a refund even if they owe no tax, and others could carry unused credit forward for up to 5 years. The credit would apply to tax years beginning after December 31, 2026, with dollar limits adjusted for inflation after 2027.

Full text and official record on Congress.gov

Sponsors

• Marilyn Strickland Democrat sponsor
• 1 cosponsors