Credit for Caring Act of 2024

Hozzl · 2024-02-28T20:17:43Z

Explore the details of Senate Bill 3702 Credit for Caring Act of 2024 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on undefined. Stay informed on legislative developments.

2/28/2024, 8:17 PM

Summary of Bill S 3702

Bill 118 s 3702, also known as the Credit for Caring Act of 2024, is a piece of legislation introduced in the US Congress. The main purpose of this bill is to provide a tax credit for individuals who are caring for a family member with a serious illness or disability.

Under this bill, eligible individuals would be able to claim a tax credit of up to $5,000 per year for expenses related to caring for a family member. These expenses could include things like medical bills, home modifications, and other costs associated with providing care.

In order to qualify for the tax credit, individuals would need to meet certain criteria, such as providing care for a family member with a serious illness or disability, and meeting income requirements. The bill also includes provisions to prevent fraud and abuse of the tax credit. Overall, the Credit for Caring Act of 2024 aims to provide financial support to individuals who are caring for a family member with a serious illness or disability, and to help alleviate some of the financial burden associated with providing care.

Congressional Summary of S 3702

Credit for Caring Act of 2024

This bill allows an eligible caregiver a tax credit of up to $5,000 for 30% of the cost of long-term care expenses that exceed $2,000 in a taxable year. The bill defines eligible caregiver as an individual who has earned income for the taxable year in excess of $7,500 and pays or incurs expenses for providing care to a spouse or other dependent relative with long-term care needs.

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Current Status of Bill S 3702

Bill S 3702 is currently in the status of Bill Introduced since January 31, 2024. Bill S 3702 was introduced during Congress 118 and was introduced to the Senate on January 31, 2024. Bill S 3702's most recent activity was Read twice and referred to the Committee on Finance. as of January 31, 2024