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 "qualifying senior parent" as individuals aged 60 or older who are related to the caregiver by blood or adoption, or those aged 50 or older who qualify for Social Security Disability Insurance and meet certain income criteria. It also outlines what constitutes "qualified care and support expenses," emphasizing that these expenses must be necessary for the senior parent's care and cannot be reimbursed by insurance or government programs. The legislation aims to provide financial relief to caregivers, recognizing their essential role in supporting senior family members.