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Vermont Senate Finance committee hears S.51 to create refundable unpaid-caregiver tax credit
Summary
Senate Finance discussed S.51, a bill to create a refundable personal income tax credit for unpaid family caregivers. Lawmakers and counsel reviewed eligibility criteria, phase-out thresholds and administrative issues and agreed to ask the Department of Taxes to brief the committee on implementation.
Senate Finance members discussed S.51 on an unpaid-caregiver tax credit during a committee meeting, hearing sponsor remarks, legal counsel explanation and questions about administration, eligibility and fiscal impact.
The committee heard that S.51 would create a refundable personal income tax credit up to $2,500, prorated monthly, for resident taxpayers who provide at least 20 hours per week of uncompensated care to a qualifying relative, subject to income phase-outs beginning at $125,000 adjusted gross income (AGI) and ending at $175,000 AGI. Counsel described the credit as refundable, and the bill as including statutory findings citing national estimates…
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