What is the official ID of this bill?
The official print number for this legislation is S 3702.
New Tax Credit for Working Family Caregivers: Up to $5,000 Annually
This bill introduces a new, nonrefundable tax credit designed to provide financial relief to working individuals caring for family members with long-term care needs. Eligible citizens who incur qualified care expenses can claim 30% of those costs (exceeding $2,000), up to a maximum of $5,000 annually. This measure aims to alleviate the significant financial burdens associated with providing essential care at home.
Key points
The new tax credit covers 30% of qualified care expenses exceeding $2,000, with an annual cap of $5,000 (subject to inflation adjustments).
Eligibility requires the caregiver to be working (earned income over $7,500) and caring for a spouse or relative certified by a doctor as having long-term care needs for at least 180 consecutive days.
Qualified expenses are broad, including human assistance, assistive technologies, home modifications, transportation costs, respite care, and verified lost wages due to unpaid time off for caregiving.
The credit phases out for higher earners, starting at $150,000 for joint filers and $75,000 for all other filers.
Status:
Expired
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