A bill 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 Senate
- Passed House
- 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 caregivers to claim up to $2,000 per qualified relative annually. To qualify, the caregiver must provide at least 10 hours of assistance per week to a relative aged 55 or older who needs help with daily activities and has lived with the caregiver for at least 6 months. The credit is subject to income limitations and can only be claimed by one taxpayer per 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.
- The qualified relative must be 55 or older and unable to perform at least 3 instrumental activities of daily living.
- Caregivers must live with the qualified relative for at least 6 months.
- The credit is subject to income limitations, reducing the amount by 1% of the excess of adjusted gross income over $75,000.
- Only one taxpayer can claim the credit for a single qualified relative.
- Married taxpayers must file a joint return to qualify.
- The credit is reduced by any existing child and dependent care credit.
Who is affected
- Adult children providing care
- Elderly relatives receiving care
- Taxpayers
- Families with multigenerational living arrangements
Bill text
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Sponsors
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2 on record
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