This bill establishes a gross income tax credit for qualified caregivers who incur expenses related to the care and support of a qualifying senior parent. Caregivers can claim a credit of up to $10,000 per taxable year for qualified care and support expenses, which include costs for services such as home health care, adult day care, and assistive devices. The bill allows caregivers to claim this credit in addition to any dependent deduction for the qualifying senior parent, and it stipulates that if the credit reduces the caregiver's tax liability to zero, any remaining credit will be refunded as an overpayment of tax.

The bill defines a "qualified caregiver" as a resident individual providing care to a qualifying senior parent, who is defined as a parent aged 60 or older or a parent aged 50 or older who qualifies for Social Security Disability Insurance and meets certain income criteria. The legislation specifies that qualified care and support expenses do not include costs reimbursed by insurance or government programs. The act is set to take effect immediately and will apply to taxable years beginning on or after January 1 following its enactment.