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Senate finance committee reviews retooled family caregiver tax credit (S.231)
Summary
Sen. Hardy and legislative counsel Kirby Keene walked the Senate Finance Committee through S.231, a proposed Vermont family caregiver tax credit that would reimburse up to 30% of qualifying caregiving expenses (max $2,500) for unpaid family caregivers and allow limited property-tax income exclusions for household members receiving care.
Senator Hardy and legislative counsel Kirby Keene presented S.231 to the Senate Finance Committee on Jan. 20, proposing a Vermont family caregiver tax credit to help people who provide unpaid care to relatives with long-term care needs. The bill would allow a taxpayer to claim 30% of qualifying caregiving expenses up to a $2,500 annual cap and includes an AGI phaseout beginning at $125,000 and ending at $175,000.
"This is the caregiver tax bill," Senator Hardy said, describing the measure as a revised, expense-based version of last year's unpaid-caregiver proposal that passed the Senate but was stripped from a House package. Kirby Keene, legislative counsel, told the committee the credit is drafted to be supplemental to the child dependent care credit and would not…
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