Bill > A06932

This bill provides a tax credit for qualified caregiving expenses. It allows a qualified caregiver, who is a New York state resident taxpayer with a federal adjusted gross income of $75,000 or less for an individual or $150,000 or less for a couple, to claim a credit against their state tax liability for up to 50% of the total amount they spent on qualified caregiving expenses for a qualifying family member who resides in New York and requires assistance with at least one activity of daily living. The credit is capped at $3,500 per year, and the total amount of credits available is $35 million per year from 2022 to 2024. The bill requires the Department of Taxation and Finance to issue regulations and provide an annual report on the effectiveness of the credit.