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 necessary medical equipment. To claim the credit, caregivers must provide documentation substantiating their expenses, including itemized receipts and proof of payment. Additionally, caregivers can claim this credit alongside a dependent deduction for the qualifying senior parent, and if the credit reduces their tax liability to zero, any remaining amount will be refunded as an overpayment of tax.

The bill defines a "qualifying senior parent" as individuals aged 60 or older who are biological or adoptive parents of the caregiver or their partner, or those aged 50 or older who qualify for Social Security Disability Insurance and meet specific income criteria. The legislation also clarifies that qualified care and support expenses do not include costs reimbursed by insurance or government programs. This tax credit aims to provide financial relief to caregivers supporting their senior parents, thereby encouraging and facilitating the care of elderly individuals within the community.