Bill > S05100

This bill provides a tax credit for qualified caregiving expenses. The key provisions are: 1. Allows a qualified caregiver, who is a New York State resident taxpayer with a federal adjusted gross income of $75,000 or less ($150,000 for a couple), to claim a tax credit of up to 50% of qualified caregiving expenses, up to $3,500, for providing care to a qualified family member who requires assistance with at least one activity of daily living. 2. Qualified caregiving expenses include payments for services such as home health care, adult day care, personal care, and transportation, as well as home modifications and assistive technology. 3. The credit is available for taxable years starting on or after January 1, 2020, and the total amount of credits is capped at $35 million per year from 2020 to 2022. 4. The Department of Taxation and Finance, in consultation with the Department of Health and the Office for the Aging, will administer the credit and issue certifications to eligible taxpayers. The bill aims to provide financial assistance to family caregivers in New York State who incur expenses while caring for their loved ones.