Bill > S3702

This bill, the Credit for Caring Act of 2024, proposes to amend the Internal Revenue Code to provide a nonrefundable tax credit for working family caregivers. The key provisions include: 1) Allowing eligible caregivers to claim a credit equal to 30% of qualified expenses over $2,000, up to a maximum of $5,000 (with the dollar amount adjusted for inflation); 2) Defining "eligible caregiver" as an individual with earned income over $7,500 who provides care for a qualified care recipient, such as a spouse or other relative with long-term care needs; 3) Specifying what qualifies as "qualified expenses," including costs for human assistance, assistive technologies, home modifications, and other caregiving-related expenses; and 4) Phasing out the credit for taxpayers with modified adjusted gross incomes above certain thresholds.