Bill > S00620

This bill provides a tax credit for qualified caregiving expenses. It allows New York state residents with a federal adjusted gross income of $75,000 or less (or $150,000 or less for couples) to claim a credit of up to 50% of their qualified caregiving expenses, up to $3,500 per year. The qualified caregiving expenses include payments for services and goods that assist in caring for a qualified family member who requires help with at least one activity of daily living. The bill limits the total amount of tax credits to $35 million per year from 2022 to 2024, and the credits will be allocated on a first-come, first-served basis. The bill requires the Department of Taxation and Finance, in consultation with the Department of Health and the Office for the Aging, to develop regulations and submit annual reports on the effectiveness of the tax credit.