To amend the Internal Revenue Code of 1986 to provide a tax credit for expenses for household and elder care services necessary for gainful employment.

Hozzl · 2023-12-18T21:45:15Z

Explore the details of House Bill 3707 To amend the Internal Revenue Code of 1986 to provide a tax credit for expenses for household and elder care services necessary for gainful employment. currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/18/2023, 9:45 PM

Summary of Bill HR 3707

Bill 118 hr 3707, also known as the Household and Elder Care Tax Credit Act, aims to amend the Internal Revenue Code of 1986 to offer a tax credit for expenses related to household and elder care services that are essential for individuals to maintain gainful employment.

The bill recognizes the growing need for individuals to balance work responsibilities with caregiving duties, particularly for elderly family members or dependents requiring special care. By providing a tax credit for these expenses, the legislation aims to alleviate some of the financial burden faced by working individuals who must also provide care for loved ones.

The tax credit would apply to expenses incurred for household and elder care services, such as hiring a caregiver or utilizing a care facility, that are necessary for individuals to continue working. This credit would help offset the costs associated with caregiving, making it more feasible for individuals to remain in the workforce while also meeting their caregiving responsibilities. Overall, the Household and Elder Care Tax Credit Act seeks to support working individuals who are balancing the demands of employment with caregiving duties, recognizing the importance of providing financial assistance for essential household and elder care services.

Congressional Summary of HR 3707

This bill allows a new tax credit for a taxpayer's employment-related expenses necessary to care for a dependent who has attained age 50.

Employment-related expenses include (1) expenses for household services; and (2) expenses for the care of the dependent, including respite care and hospice care. The expenses must be incurred to enable the taxpayer to be gainfully employed for any period for which there are one or more dependents that qualify for the credit.

The bill limits the amount of such credit to $3,000 for the care of one dependent and $6,000 for the care of two or more dependents of the taxpayer in a taxable year.

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Current Status of Bill HR 3707

Bill HR 3707 is currently in the status of Bill Introduced since May 25, 2023. Bill HR 3707 was introduced during Congress 118 and was introduced to the House on May 25, 2023. Bill HR 3707's most recent activity was Referred to the House Committee on Ways and Means. as of May 25, 2023

Bipartisan Support of Bill HR 3707

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 3707

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 3707

To amend the Internal Revenue Code of 1986 to provide a tax credit for expenses for household and elder care services necessary for gainful employment.