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Sponsors
1 Co-sponsor
History
- Reported and committed to finance
- Referred to investigations and government operations
- Referred to investigations and government operations
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Establishes the "caregiver's assistance act" giving income tax credits and deductions to certain persons who help seniors
In Assembly Committee · Ways And Means · Sponsor Steven Englebright
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S2692
Title of bill
An act to amend the tax law, in relation to establishing the "caregiver's assistance act"
Purpose
To provide income tax credits to aid those who provide informal, unpaid care of their elderly relatives
Summary of provisions
Section one of this bill provides the short title, which is the "Caregiver's Assistance Act."
Section two of this bill adds a new subsection (ccc) to section 606 of the Tax Law, to provide a refundable credit to qualified taxpayers who provide informal, unpaid care to senior family members. The credit amount is the lesser of 20% of qualified care expenses paid by the taxpayer or $555. A senior family member is a person who is 60 years old or older, related to the taxpayer within the third degree of consanguinity, resides in the taxpayer's home, and has a New York adjusted gross income of $13,000 or less for a single person, or $20,000 or less for a married couple. The credit is not available to taxpayers whose adjusted gross income is $45,000 for a single taxpayer or $60,000 for married taxpayers.
Section three of this bill provides that this act shall take effect on the first of January next succeeding the date on which it shall have become a law.
Existing law
Currently, a taxpayer may be able to claim the credit for certain household and dependent care services when he or she incurs and pays qualified care expenses for a qualifying senior family member.
Justification
The 2011 "MetLife Study of Caregiving Costs to Working Caregivers: Double Jeopardy for Baby Boomers Caring for Their Parents," found that the number of adult children who are providing financial assistance to or caring for their elderly parents has tripled over the past 15 years. The cost to these caregivers is significant. Caregivers who continue to work full-time were found to be in fair to poor health, while their non-caregiver counterparts were found to be healthier. Many of these caregivers are forced to give up their full-time jobs and seek part-time employment. It is estimated that the lost wages, private pension benefits, and social security for these caregivers is almost $225,000.
The purpose of this legislation is to not only to recognize the efforts of families caring for their senior relatives, but also to provide an incentive for more families to provide care for their senior relatives and to encourage families currently providing the care for their senior relatives to continue to do so for longer period.
Legislative history
New bill.
Similar to:
2013-2014: S.2179 - Referred to Investigations and Government Operations 2011-2012: S.884 - Referred to Investigations and Government Operations 2009-2010: S.1574 - Reported to Finance 2008: S.489 - Reported to Finance 2007: S.489 - 3rd Reading 2005-2006: S.1194 - Reported to Finance
Fiscal implications
To be determined.
Effective date
This act shall take effect on the first of January next succeeding the date on which it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.