VirginiaFamily caregiver; creates a nonrefundable income tax credit for taxable years 2024 through 2028.
What it does
Family caregiver tax credit. Creates a nonrefundable income tax credit for taxable years 2024 through 2028 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
In order 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 for an individual or $200,000 for married persons. 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 House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2024
- Nov 18Left in FinanceLatest
- Feb 7Continued to 2025 in Finance (Voice Vote)
- Feb 5Subcommittee recommends continuing to 2025 (7-Y 0-N)
- Vote recorded Continued to 2025 in Finance. Result: pass.Lower
- Feb 2Assigned Finance sub: Subcommittee #3Minor
- Jan 29Impact statement from TAX (HB1078)
- Jan 10Referred to Committee on FinanceMinor
- Jan 10Prefiled and ordered printed; offered 01/10/24 24100467DIntroduced