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New Tax Credit for Elder Care Expenses: Financial Relief for Caregivers.

This bill introduces a new income tax credit for individuals paying for the care of elderly family members (aged 65 or older who require assistance with daily living). Citizens can claim up to 20% of qualified expenses, capped at $6,000 annually, directly reducing their tax liability. This measure aims to provide financial support to caregivers and make services like adult day care, respite care, and assistive technologies more accessible.
Key points
New Tax Credit: Allows taxpayers to claim a credit of up to 20% of expenses paid for the care of qualifying elders (parents, in-laws, or household members aged 65+).
Spending Cap: The maximum amount of expenses eligible for the credit is limited to $6,000 per taxable year.
Income Phase-Out: The credit percentage is gradually reduced for taxpayers whose adjusted gross income exceeds $120,000.
Eligible Expenses: Includes costs for medical care, adult day services, personal care, respite care, assistive technologies, and environmental modifications (e.g., home modifications).
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Additional Information
Print number: 118_S_5163
Sponsor: Sen. Klobuchar, Amy [D-MN]
Process start date: 2024-09-24
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

AGE Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_5163.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-09-24.

What are the main provisions?

Key points include:

  • New Tax Credit: Allows taxpayers to claim a credit of up to 20% of expenses paid for the care of qualifying elders (parents, in-laws, or household members aged 65+).
  • Spending Cap: The maximum amount of expenses eligible for the credit is limited to $6,000 per taxable year.
  • Income Phase-Out: The credit percentage is gradually reduced for taxpayers whose adjusted gross income exceeds $120,000.
  • Eligible Expenses: Includes costs for medical care, adult day services, personal care, respite care, assistive technologies, and environmental modifications (e.g., home modifications).
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Klobuchar, Amy [D-MN].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Taxes Family Health