The bill S.51 establishes a Vermont unpaid caregiver tax credit aimed at providing financial support to residents who dedicate significant time to providing uncompensated care for family members. The General Assembly recognizes the substantial contributions of caregivers, particularly women over 55, who collectively provide millions of hours of unpaid care daily. The bill amends existing law to include a new section, 5830g, which outlines the eligibility criteria for the tax credit, including the requirement that caregivers provide at least 20 hours of care per week to individuals with specific needs, such as disabilities or health conditions. The maximum credit available is $1,000 per taxable year for those who meet the criteria.

Additionally, the bill stipulates that the credit amount will be reduced by $20 for every $1,000 of adjusted gross income exceeding $125,000, regardless of filing status. Caregivers must attest to their eligibility and may be required to provide supporting documentation from a licensed medical professional to validate the care provided. The act is set to take effect retroactively on January 1, 2025, applying to taxable years beginning on or after that date.

Statutes affected:
As Introduced: 32-5813
As Passed By the Senate -- Official: 32-5813
As Passed By the Senate -- Unofficial: 32-5813