H.R. 2320: Mobility Means Freedom Tax Credit Act

This bill, titled the Mobility Means Freedom Tax Credit Act, proposes changes to the Internal Revenue Code to create a new tax credit. This credit is designed to assist individuals in covering the costs associated with purchasing mobility devices. Below are the key points of the bill:

Tax Credit Overview

The bill introduces a refundable tax credit that allows individuals to claim a credit equal to 50% of the expenses incurred for qualified mobility devices during the taxable year. The main purpose is to make mobility devices more affordable for those who rely on them for daily activities.

Qualified Mobility Devices

The term qualified mobility device includes, but is not limited to:

• Manual and power wheelchairs
• Scooters
• Walkers
• Gait trainers
• Crutches
• Canes
• Artificial legs or arms
• Leg braces
• Arm braces
• Back braces
• Neck braces

Additionally, the bill covers any features or enhancements related to these devices.

Limitations on Credit

Under the proposed law, there are specific limitations regarding the tax credit:

• Taxpayers can claim the credit for a maximum of three qualified mobility devices per taxable year.
• The credit cannot be used in conjunction with other deductions or credits for the same expenses, meaning that any expense that qualifies for this credit must have its amount adjusted accordingly.

Effective Date

The provisions of this bill will take effect for expenses paid or incurred after the law is enacted.

Relevant Companies

• PH - Parker-Hannifin Corporation: This company manufactures and sells mobility devices and aids, which could see increased demand as more individuals can afford these items due to the tax credit.
• GM - General Motors: As a producer of vehicles, GM may see impacts related to adaptations for mobility devices as consumers receive financial support through the tax credit.