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Growing Support for Home Modification Tax Credit Legislation

Home Blog Growing Support for Home Modification Tax Credit Legislation

By Collin Brecher, VGM Government Relations

Efforts on Capitol Hill are ramping up as legislation has been introduced in Congress to incentivize seniors to update their existing homes with home safety products and renovations. VGM Live at Home is teaming up with HomesRenewed™, an organization dedicated to further developing the home modification market, to advocate for this legislation on behalf of the Live at Home membership.

H.R. 1780, the Senior Accessible Housing Act, has been introduced by Rep. Charlie Crist (R-Fla.) and Bruce Poliquin (R-Maine) and currently has 11 additional cosponsors. This legislation would allow individuals 60 years and older to utilize a $30,000 tax credit to make home safety improvements to their existing home. This can include installation of ramps, widening doorways, grab bars, non-slip flooring and more to “enhance the ability of such individuals to remain living safely, independently, and comfortably in such residence.”

This legislation has the potential to dramatically increase the opportunity for seniors to remain in the comfort of their own home instead of the costly alternative of a retirement community or nursing facility. In fact, an AARP study from 2014 found that 88 percent of those 65 and older agreed that they wished to stay in their existing home as long as possible. As 10,000 baby boomers reach retirement every day, the sheer volume of seniors needing accessible housing is dramatically increasing.

The first step of getting legislation like this passed is getting it introduced, which has been done. With the House introducing legislation, the next step will be finding a lead sponsor in the Senate to introduce a companion bill. Fortunately, this bipartisan issue is being well received on Capitol Hill. As stakeholders work to finalize the legislation, the community of suppliers and providers will be looked to participate in the grassroots advocacy to strengthen the network of support for the legislation in Congress.

In the coming weeks, be on the lookout for calls to action and resources on how to reach your elected officials. VGM Live at Home will produce easy-to-access email templates to message your member of Congress, engagement methods, and updates on this monumental legislation. Cost savings for the health care system have been a focus of Congress, while at the same time being the “elephant in the room” as they find solutions to address the overwhelming number of seniors acquiring Medicare every single day. Cost containment and prevention will be a large part of the conversation, and the home modification industry can play a vital role in doing so by keeping seniors where they wish to be, at home.

VGM Live at Home is extremely excited about the opportunity to work with HomesRenewed and other stakeholders on behalf of the membership to advocate for this positive legislation. There will be tools and resource guides to help support the grassroots effort needed to get a bill like H.R. 1780 to the president’s desk and signed into law. Your support and continued participation are appreciated as we work diligently toward this great opportunity!

Have questions? Please contact me at [email protected], and I would be happy to speak with you!

 

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