The proposed bill introduces the Caregiver Tax Credit Act, which aims to provide financial relief to family caregivers in West Virginia. It establishes a new article in the state code that defines key terms related to caregiving, such as "activities of daily living," "eligible expenditures," "eligible family member," and "family caregiver." The act specifies that eligible family members must be 62 years or older, require assistance with daily activities, and live in a private residence. The bill outlines the types of expenses that qualify for the tax credit, including home modifications, medical equipment, and care services, while excluding general household maintenance costs.

Under the new legislation, starting from January 1, 2028, family caregivers can claim a nonrefundable tax credit of 50% of eligible expenditures, with a maximum credit of $2,000, or $3,000 if the eligible family member is a veteran. The total credits available are capped at $5 million annually, and the West Virginia Department of Revenue is tasked with implementing the necessary rules to administer the program. 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
Committee Substitute: 11-29-1, 11-29-2, 11-29-3, 11-29-4