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Committee backs $5,000 caregiver tax credit; fiscal impact cited at about $397.4 million
Summary
The committee recommended passage of HB 701 with amendments adopting the Executive Office on Aging's changes and recording a $5,000 nonrefundable credit. The Department of Taxation previously projected a near $397.4 million annual reduction in general fund revenue at that credit level.
The Senate Committee on Health and Human Services voted to pass House Bill 701, which would create a tax credit for family caregivers. Committee amendments adopt Executive Office on Aging language and set a committee‑reported effective date of Dec. 31, 2050; committee materials note the measure as a $5,000 nonrefundable credit.
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