Bill > A01830

This bill provides a tax credit for qualified caregiving expenses incurred by New York state residents who care for eligible family members that require assistance with at least one activity of daily living. The credit is worth up to 50% of the total qualifying expenses, with a maximum of $3,500 per year. Eligible caregivers must have a federal adjusted gross income of $75,000 or less for individuals or $150,000 or less for couples. The total amount of tax credits available is capped at $35 million per year from 2024 to 2026, allocated on a first-come, first-served basis. The bill requires the state to issue regulations, allocate the credits, and report annually on the effectiveness of the program.