SB 465
Creating Caregiver Tax Credit Act
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill creates the Caregiver Tax Credit Act, designed to provide financial assistance to individuals who care for eligible family members. The credit is available to family caregivers who incur out-of-pocket expenses related to assisting an eligible family member with activities of daily living. Eligible expenditures include home improvements, equipment purchases, and costs for services like home care or adult day care, subject to specific limitations and definitions.
Key provisions
- Establishes a tax credit for family caregivers.
- Defines ‘activities of daily living’ and ‘eligible expenditure’.
- Specifies eligibility requirements for both family caregivers and eligible family members (age, relationship, and need for assistance).
- The credit is 50% of eligible expenditures, up to $2,000 for non-veterans and $3,000 for veterans.
- The credit is nonrefundable and cannot be carried forward.
- Annual limits are in place to prevent excessive credit usage ($5 million total).
- The Department of Revenue will create rules to implement the credit.
- The act takes effect January 1, 2028.
Who is affected
- Family caregivers
- Eligible family members (elderly, disabled, or needing assistance)
- Taxpayers in West Virginia
Notable changes
- Introduces a new tax credit specifically for caregiver expenses.
- Establishes detailed definitions for key terms like ‘activities of daily living’ and ‘eligible expenditure’.
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