H.R. 10709 — Multigenerational HOMES Act

This section establishes a nonrefundable tax credit equal to 15 percent of qualified multigenerational home renovation expenditures to improve safety, mobility, or accessibility for a relative age 65 or older or disabled, or to provide living quarters for a relative providing care to the taxpayer. The credit is limited to $7,500 per dwelling unit over the taxpayer’s lifetime, phases out for modified adjusted gross income above $200,000 ($400,000 for joint returns), is refundable for taxpayers with income at or below area median gross income, and allows unused amounts to carry forward for five years, with inflation adjustments after 2027.