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 establishes guidelines for the implementation of the tax credit, which will allow family caregivers to claim a credit against their income tax for 50% of eligible expenditures incurred in support of an eligible family member, with a maximum credit of $2,000, or $3,000 if the family member is a veteran. The credit is nonrefundable and cannot be carried forward, and it is limited to one caregiver per taxable year.

Additionally, the bill outlines the rulemaking authority of the West Virginia Department of Revenue to implement and administer the tax credit, ensuring that the total credits do not exceed $5 million annually. The act is set to take effect on January 1, 2028. Overall, this legislation seeks to support family caregivers by providing a financial incentive for the care they provide to their loved ones.

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