VirginiaIncome tax, state; creates family caregiver tax credit.
What it does
Income tax; family caregiver tax credit. Creates a nonrefundable family caregiver tax credit for taxable years 2025 through 2029 for expenses incurred by an individual in caring for an eligible family member, defined in the bill, who requires assistance with one or more activities of daily living, also defined in the bill. The credit equals 50 percent of eligible expenditures incurred by the caregiver up to $1,000.
More detail
To qualify for the credit, the family caregiver must (i) not receive any compensation or reimbursement for the eligible expenditures and (ii) have federal adjusted gross income that is no greater than $100,000 or, if such family caregiver is married and filing jointly, shall have federal adjusted gross income of no greater than $200,000. The bill requires the Tax Commissioner to establish guidelines for claiming the credit and provides that any unused credit may be carried forward by the taxpayer for five taxable years following the taxable year for which the credit was issued.
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Where it stands
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Jan 28Passed by indefinitely in Finance and Appropriations (10-Y 5-N)Latest
- Vote recorded Passed by indefinitely in Finance and Appropriations (10-Y 5-N). Result: pass.Upper
- Jan 25Impact statement from TAX (SB1488)
- Jan 17Referred to Committee on Finance and AppropriationsMinor
- Jan 17Presented and ordered printed 25101939DIntroduced
- Jan 28Passed by indefinitely in Finance and Appropriations (10-Y 5-N)Latest