Financial Assistance for Accessibility Products
Income Tax Deduction
Your Mobility product purchase may qualify for up to 50% tax credits, tax deductions or federal funding assistance.
* Section 44 of the Internal Revenue Code provides a tax credit of up to $5,000 per year to eligible small businesses that incur expenses to enable the business to comply with the applicable requirements of the American with Disability Act (AA). The credit is based upon 50 percent of the Business’s eligible access expenses for the year.
* Section 190 of the Internal Revenue Code permits any business taxpayer to deduct qualified expenditure are for the purpose of making a facility more accessible to, and usable by, handicapped and elderly individuals. It is the opinion of the representative of the Office of Assistant Chief Counsel of the Department of the Treasury that the Mobility Elevator & Lift Co. may qualify as a deduction under this section of the code.
Federal funds: For community facilities, a federal program called the Community Development Block Grant (CDBG) may provide funds for the removal of physical barriers to disabled people. This program end other federal funding sources are thoroughly detailed in “The Handicapped funding Directory “. For ordering information write to: Research Grant Guides, P.O. BOX 4970, Merged, FL.
Individuals: Tax deduction for personal use: Some or all of the cost of your mobility lifts may be considered as an income tax deduction since it may be considered as an aid to mobility. A doctor’s certificate may be required by the Internal Revenue Service, and each situation is evaluated on an individual basis.
Other sources of assistance: Depending on your individual situation and the circumstances surrounding your needs, you may be eligible for full or partial funding assistance from a medical plan or from insurance coverage.
The opinions expressed herein are advisory only, and should not be considered as legal advise.