SB 766
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
Senate Bill 766 proposes the Caregiver Tax Credit Act, which aims to provide financial assistance to West Virginia residents who care for eligible family members. The bill establishes a tax credit for expenses incurred by family caregivers, such as those related to home modifications, equipment purchases, or hiring home care aides. Eligibility is based on the caregiver’s relationship to the recipient and the recipient’s need for assistance with daily living activities.
Key provisions
- Establishes a tax credit for eligible family caregivers.
- Defines ‘eligible expenditure’ as improvements to the caregiver’s home, equipment purchases, and paid expenses for caregiving.
- Specifies eligibility criteria for both the caregiver and the family member receiving care, including age, residency, and need for assistance with daily living.
- The credit is 50% of eligible expenditures, up to $2,000 for most caregivers and $3,000 for veteran caregivers.
- The credit is adjusted annually for inflation.
- The credit is nonrefundable and cannot be carried forward.
- A limit of $5 million in total credits will be available annually.
- The Department of Revenue will create rules to administer the credit.
Who is affected
- Family caregivers
- Individuals requiring assistance with daily living activities
- West Virginia residents
- Taxpayers
- Veterans
Notable changes
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