,,ii #aaith ,,congress #b;d ,session ,s4 #ebaf ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,august #c1 #bjbf,ms4 ,alsobrooks 7for herself and ,mrs4 ,gillibrand7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to allow a credit against tax for qualified accessible housing expenses1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,senior ,accessible ,housing ,tax ,credit ,act of #bjbf4 #b4 ,senior accessible housing tax credit 7a7 ,in general ,subpart ,a of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after section #be;,f the following new section3 #be;,g4 ,senior accessible housing credit 7a7 ,in general ,in the case of an eligible individual1 there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the aggregate amount of qualified accessible housing expenses paid or incurred by the taxpayer during such taxable year4 7b7 ,eligible individual 7#a7 ,in general ,for purposes of this section1 the term eligible individual means any individual who-- 7,a7 has attained age #fj before the close of the taxable year1 and 7,b7 is not a nonresident alien4 7#b7 ,special rule for joint returns ,in the case of a married couple filing a joint return for the taxable year1 credit under this section shall be allowed-- 7,a7 if at least #a spouse has attained age #fj before the close of the taxable year1 and 7,b7 only if neither spouse is a nonresident alien4 7c7 ,qualified accessible housing expenses 7#a7 ,in general ,for purposes of this section1 the term qualified accessible housing expenses means1 with respect to a taxpayer1 any expenses which are related to making any of the following modifications to a qualified residence of such taxpayer3 7,a7 ,installing wheelchair ramps4 7,b7 ,widening doorways4 7,c7 ,installing handrails or grab bars4 7,d7 ,installing non-slip flooring4 7,e7 ,installing bathtub cuts or shower seats4 7,f7 ,installing furniture risers4 7,g7 ,installing chair lifts4 7,h7 ,replacing toilets4 7,i7 ,replacing bathroom vanities4 7,j7 ,replacing kitchen or bathroom faucets4 7,k7 ,any other modification which the ,secretary1 in consultation with the ,secretary of ,health and ,human ,services1 determines would improve the ability of an eligible individual to live safely and independently4 ,such term includes any expenses for labor costs properly allocable to the onsite preparation1 assembly1 or original installation of property described in the preceding subparagraphs1 including any property allowed pursuant to subparagraph 7,k74 7#b7 ,qualified residence ,for purposes of paragraph 7#a71 the term qualified residence means any dwelling unit which is located in the ,united ,states and is a qualified residence as defined in section #afc7;h77#e77;,a74 7d7 ,limitations 7#a7 ,dollar limitation ,the credit allowed under subsection 7a7 to any taxpayer for any taxable year shall not exceed #aj1jjj4 7#b7 ,limitation based on modified adjusted gross income 7,a7 ,in general ,the amount of the credit allowed under subsection 7a7 for any taxable year shall be reduced 7but not below zero7 by #a for each #b 7or fraction thereof7 by which the taxpayer's modified adjusted gross income exceeds the threshold amount4 7,b7 ,modified ,adjusted ,gross ,income ,for purposes of subparagraph 7,a71 the term modified adjusted gross income means adjusted gross income increased by any amount excluded from gross income under section #iaa1 #ica1 or #icc4 7,c7 ,threshold amount ,for purposes of subparagraph 7,a71 the term threshold amount means-- 7i7 #bjj1jjj in the case of a joint return or a surviving spouse 7as defined in section #b7;a771 7ii7 #aej1jjj in the case of a head of household 7as defined in section #b7;b771 and 7iii7 #ajj1jjj in the case of a taxpayer not described in clause 7i7 or 7ii74 7e7 ,denial of double benefit ,in the case of any qualified accessible housing expenses with respect to which credit is allowed under subsection 7a7-- 7#a7 no other credit or deduction shall be allowed for1 or by reason of1 any such expense to the extent of the amount of such credit1 and 7#b7 the basis of any property shall be reduced by the amount of such credit to the extent that such expenses were taken into account in determining such basis4 7f7 ,inflation adjustment ,in the case of any taxable year beginning after #bjbg1 each dollar amount in subsection 7d7 shall be increased by an amount equal to-- 7#a7 such dollar amount1 multiplied by 7#b7 the cost-of-living adjustment determined under section #a7;f77#c7 for the calendar year in which the taxable year begins1 determined by substituting calendar year #bjbf for calendar year #bjaf in subparagraph 7,a77ii7 thereof4 ,if any increase under the preceding sentence is not a multiple of #a1 such amount shall be rounded to the nearest multiple of #a4 7g7 ,regulations ,the ,secretary shall issue such regulations or other guidance as may be necessary to carry out the purposes of this section4 4 7b7 ,clerical amendment ,the table of sections for subpart ,a of part ,,iv of subchapter ,a of chapter #a of such ,code is amended by inserting after the item relating to section #be;,f the following new item3 ,sec4 #be;,g4 ,senior accessible housing credit4 4 7c7 ,effective date ,the amendments made by this section shall apply to taxable years beginning after ,december #ca1 #bjbf4