Income tax, state; creates a nonrefundable tax credit for family caregivers. (SB266)
Introduced By
Sen. Ghazala Hashmi (D-Midlothian) with support from co-patron Del. Sam Rasoul (D-Roanoke)
Progress
✓ |
Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Family caregiver tax credit. Creates a nonrefundable income tax credit for taxable years 2022 through 2026 for expenses incurred by an individual in caring for an eligible family member, defined in the bill, who requires assistance with one or more activities of daily living, also defined in the bill. The credit equals 50 percent of eligible expenditures incurred by the caregiver up to $1,000. In order to qualify for the credit, the family caregiver must (i) not receive any compensation or reimbursement for the eligible expenditures and (ii) have federal adjusted gross income that is no greater than $100,000 for an individual or $200,000 for married persons. The bill requires the Tax Commissioner to establish guidelines for claiming the credit and provides that any unused credit may be carried forward by the taxpayer for five taxable years following the taxable year for which the credit was issued. The bill is a recommendation of the Joint Commission on Health Care. Read the Bill »
Status
01/11/2022: Awaiting a Vote in the Finance and Appropriations Committee
History
| Date | Action |
|---|---|
| 01/11/2022 | Prefiled and ordered printed; offered 01/12/22 22103854D |
| 01/11/2022 | Referred to Committee on Finance and Appropriations |
| 01/25/2022 | Impact statement from TAX (SB266) |
| 02/10/2022 | Continued to 2023 in Finance and Appropriations (16-Y 0-N) (see vote tally) |
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