WeVote
Log In

Bill

Bill

A 7507

Creates a homeownership rehabilitation credit

2025 Regular Session Introduced by Ken Blankenbush and 6 co-sponsors

A 7507 - Creates a Homeownership Rehabilitation Credit OverviewBill Number: A 7507 Title: Creates a homeownership rehabilitation credit Status: REFERRED TO WAYS AND MEANS Introd

REFERRED TO WAYS AND MEANS
0
WeVote Research Nonpartisan
Bill Summary · A 7507

A 7507 - Creates a Homeownership Rehabilitation Credit

Overview

Bill Number: A 7507
Title: Creates a homeownership rehabilitation credit
Status: REFERRED TO WAYS AND MEANS
Introduced: March 28, 2025

Purpose and Intent

The primary goal of this bill is to incentivize and support the rehabilitation and renovation of existing homes, with the aim of increasing homeownership opportunities and improving the quality of the state's housing stock. The legislation seeks to address aging housing infrastructure and provide financial assistance to homeowners, particularly those with limited means, to undertake necessary repairs and upgrades.

Key Provisions

  • Establishes a refundable tax credit for eligible homeowners who complete qualified rehabilitation projects on their primary residence
  • The credit would be equal to 25% of the total rehabilitation costs, up to a maximum of $10,000 per household
  • Qualified projects include repairs, renovations, and improvements that address health and safety issues, improve energy efficiency, or make the home more accessible
  • Eligibility is limited to homeowners with an annual household income below 120% of the area median income
  • The credit can be claimed for work completed within the previous 12 months and is available for a 5-year period

Affected Parties and Impacts

This bill is primarily targeted at low- and moderate-income homeowners who may struggle to afford necessary home repairs and renovations. By providing a substantial tax credit, the legislation aims to make these improvements more accessible and incentivize homeowners to invest in the upkeep and modernization of their properties.

The bill could also have broader impacts on the state's housing market and construction industry, as increased rehabilitation activity could create jobs, improve property values, and contribute to the overall quality and livability of the state's housing stock.

Procedural and Timeline Considerations

The bill has been referred to the Ways and Means Committee for further consideration. If passed by the committee and the full state legislature, the homeownership rehabilitation credit would be implemented starting in the 2026 tax year and remain in effect for a 5-year period, subject to potential renewal or extension by the legislature.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.