Bill > H3046

This bill provides an income tax exemption for individuals caring for elderly relatives at home, specifically offering a $4,000 tax exemption for taxpayers who meet certain criteria. The exemption is available to those who provide more than half the support for an elderly relative aged 70 or older, with the relative having lived with the taxpayer for over six months of the tax year. There are two income thresholds: for taxpayers with adjusted gross income (AGI) not exceeding $30,000, and for those with AGI not exceeding $40,000. The tax exemption is designed to provide financial relief to families who are directly caring for senior family members, acknowledging the significant economic and personal support provided by caregivers. The provisions of this bill will become effective for tax years beginning on January 1, 2027, giving taxpayers and tax authorities time to prepare for the new exemption. The state's tax commissioner is tasked with developing rules and regulations to implement the act, ensuring proper administration of the new tax benefit.

Budget and Finance

https://malegislature.gov/Bills/194/H3046