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S.127 would alter medical-expense deduction for continuing‑care fees and freeze value of new ADUs, supporters say
Summary
The committee considered two tax provisions in S.127: removing a prior limit on deducting certain continuing‑care monthly fees as medical expenses and a proposed three‑year property-tax freeze that would exclude value from new ADUs and VHIP-funded rehabilitations.
The committee reviewed tax provisions near the end of S.127 that would (1) change a medical-expense deduction related to continuing-care facility monthly fees and (2) create a three-year property-value freeze for certain construction projects, including accessory dwelling units and projects using state housing grant or loan funds.
Medical-expense deduction
- Current practice and proposed change: Testimony described an existing Vermont income-tax deduction that allows taxpayers who itemize federally to deduct medical expenses above the standard deduction and exemptions. S.127 would remove a prior limitation that disallowed deducting recurring monthly payments to certain continuing-care…
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