To amend the Internal Revenue Code of 1986 to establish a credit for adult child caregivers.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill creates a tax credit for adult children who provide care to elderly relatives living with them. The ‘Multigenerational Home Caregiver Credit’ allows eligible adult children to claim up to $2,000 per qualified relative annually. To qualify, the caregiver must meet specific requirements related to the relative’s needs, their own living situation, and provide at least 10 hours of assistance per week. The credit is subject to income limitations and can only be claimed by one taxpayer for each qualified relative.
Key provisions
- Provides a $2,000 tax credit per qualified relative.
- Eligibility requires the caregiver to provide at least 10 hours of assistance per week to a qualified relative.
- Qualified relatives must be 55 or older and unable to perform at least 1 activity of daily living and 3 instrumental activities of daily living.
- Caregivers must live with the qualified relative for at least 6 months of the taxable year.
- The credit is subject to income limitations, reducing the amount by 1% of the excess of adjusted gross income over $75,000 (or $150,000 for joint returns).
- Only one taxpayer can claim the credit for a given qualified relative.
- Married taxpayers must file a joint return to be eligible.
- The credit is reduced by any child and dependent care credit already claimed for the same relative.
Who is affected
- Adult children providing care to elderly relatives
Bill text
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Sponsors
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8 on record
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