0
0
0
Credit for Caring Act of 2024
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.
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.
Read the Full Bill
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
Bipartisan Support of Bill S 3702
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
10Democrat Cosponsors
4Republican Cosponsors
6Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 3702
Primary Policy Focus
Alternate Title(s) of Bill S 3702
Credit for Caring Act of 2024
Credit for Caring Act of 2024
A bill to amend the Internal Revenue Code of 1986 to provide a nonrefundable credit for working family caregivers.
Comments
Sponsors and Cosponsors of S 3702
Latest Bills
NIH IMPROVE Act
Bill HR 6238August 19, 2026
Continuing Appropriations and Extensions Act, 2027
Bill HR 6500August 18, 2026
Permitting Transparency and Accountability Act
Bill S 1735August 18, 2026
Chiricahua National Park Act
Bill S 3715August 18, 2026
To designate the Christiansted Bandstand at the Christiansted National Historic Site, St. Croix, Virgin Islands, as the "Peter G. Thurland, Sr., Bandstand".
Bill HR 8121August 18, 2026
Parents Opt-in Protection Act
Bill HR 4986August 18, 2026
College Transparency Act
Bill S 2511August 18, 2026
Ratepayer Protection Act
Bill HR 9340August 18, 2026
RISE Act
Bill S 3589August 14, 2026
Federal Building Threat Notification Act
Bill S 2542August 14, 2026