$2,000 Tax Credit for Caregivers in Multigenerational Homes.
This bill establishes a new $2,000 annual tax credit for individuals who provide care for elderly, dependent relatives living in the same household. The goal is to financially support multigenerational families and encourage home-based care. To qualify, the caregiver must live with the relative (age 55+) for at least six months and provide a minimum of 10 hours of assistance weekly.
Key points
New tax credit: $2,000 annually for each qualifying relative receiving care (up to two relatives maximum).
Co-residence requirement: The caregiver must live with the relative (age 55+) needing substantial assistance for at least 6 months per year.
Income limitations: The credit is phased out if Adjusted Gross Income exceeds $75,000 (single) or $150,000 (joint filers).
Medical documentation required: A licensed health care provider must attest that the relative needs significant help with daily activities.
Status:
Introduced
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