The proposed bill introduces the Caregiver Tax Credit Act, which aims to provide financial relief to family caregivers who incur expenses while caring for eligible family members. The bill defines key terms such as "activities of daily living," "eligible expenditure," "eligible family member," and "family caregiver." It outlines the criteria for eligible expenditures, which include home modifications, medical equipment purchases, and other caregiving-related expenses. The act specifies that eligible family members must be 62 years or older, require assistance with daily activities, and live in a private residence.

Under the new provisions, starting from January 1, 2028, family caregivers will be allowed a tax credit of 50% of their eligible expenditures, with a maximum credit of $2,000, or $3,000 if the eligible family member is a veteran. The bill also establishes that the total credits available will not exceed $5 million annually, and the West Virginia Department of Revenue will be responsible for implementing the necessary rules to administer the credit. The act is set to take effect on January 1, 2027.

Statutes affected:
Introduced Version: 11-29-1, 11-29-2, 11-29-3, 11-29-4