Bill > H75

This bill proposes to provide an income tax exemption for families who care for their elderly relatives at home, aiming to offer financial relief and encourage in-home care. Specifically, it amends Chapter 62 of the General Laws, which deals with income taxes, by adding new provisions that allow for an additional tax exemption of four thousand dollars. This exemption is available to taxpayers who provide more than half of the financial support for an elderly relative who is at least seventy years old and has lived with the taxpayer for more than six months during the tax year. However, there are income limitations for claiming this exemption: for one provision, the taxpayer's adjusted gross income cannot exceed thirty thousand dollars, and for another, it cannot exceed forty thousand dollars. The bill also mandates that the commissioner will create rules to implement these new provisions and specifies that these changes will be effective for tax years beginning on or after January 1, 1998.