Bill > S436

This bill creates a new caregiver tax credit for taxpayers who provide financial support to adult dependent relatives, specifically allowing a credit against state income tax for individuals with qualifying relatives. The credit amount varies based on the dependent's status, with veterans receiving a $15,000 credit and other qualifying relatives receiving a $12,000 credit. Eligibility is determined by the taxpayer's adjusted gross income (AGI) and is tiered by filing status: $150,000 for married filing jointly, $112,500 for head of household, $75,000 for single filers, and $75,000 for married filing separately. The credit is subject to certain limitations, including a reduction for nonresident or part-year residents, and cannot exceed the taxpayer's total tax liability after other credits. This legislation aims to provide financial relief for individuals caring for adult dependents, recognizing the economic burden of caregiving, and offering additional support to those supporting veterans. The tax credit will become effective for tax years beginning on or after January 1, 2025.

https://www.ncleg.gov/BillLookUp/2025/S436