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
Passed Committee
Passed House
Passed Senate
Signed by Governor
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

DateAction
01/11/2022Prefiled and ordered printed; offered 01/12/22 22103854D
01/11/2022Referred to Committee on Finance and Appropriations

Duplicate Bills

The following bills are identical to this one: HB291.

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