Bill > S00455

This bill provides a tax credit for qualified caregiving expenses incurred by New York state residents with a federal adjusted gross income of $75,000 or less for individuals and $150,000 or less for couples. The credit is available for expenses related to caring for a qualified family member who is at least 18 years old, a New York state resident, and requires assistance with at least one activity of daily living. The credit is worth up to 50% of the total qualified expenses, with a maximum of $3,500 per year. The total amount of credits available is capped at $35 million per year from 2024 to 2026, and the program will expire at the end of 2026 unless extended.