LEGISLATIVE SERVICES AGENCY
OFFICE OF FISCAL AND MANAGEMENT ANALYSIS
FISCAL IMPACT STATEMENT
LS 7306 NOTE PREPARED: Jan 3, 2025
BILL NUMBER: SB 339 BILL AMENDED:
SUBJECT: Caregiver tax credit.
FIRST AUTHOR: Sen. Young M BILL STATUS: As Introduced
FIRST SPONSOR:
FUNDS AFFECTED: GENERAL IMPACT: Pending
DEDICATED
FEDERAL
Summary of Legislation: Provides that a qualified taxpayer is entitled to a credit against the qualified
taxpayer's state income tax liability in a taxable year equal to the lesser of: (1) the value of qualified services
that the qualified taxpayer performed in the immediately preceding taxable year; or (2) $10,000 (or $5,000
in the case of a married individual filing a separate return). Provides that "qualified services" means services,
as determined by the office of the secretary of family and social services (FSSA), that a qualified taxpayer
performs in caring for an ill or aging qualified family member that the qualified taxpayer otherwise would
have compensated a third-party caregiver to perform. Provides that the term does not include services that
would otherwise be required to be performed by a licensed physician, a licensed nurse, or other medical
professional. Requires the FSSA to: (1) develop criteria that a service must satisfy to be considered a
qualified service; (2) derive a formula, using published industry data and standards, to determine the value
of the qualified services performed by a qualified taxpayer during a taxable year; and (3) adopt any other
guidelines necessary to allow or disallow a credit. Requires a qualified taxpayer to submit to the FSSA all
relevant information regarding the performance of qualified services necessary for the FSSA to determine
the value of the qualified services. Requires the FSSA to notify a qualified taxpayer in writing the value of
the services that the qualified taxpayer performed for purposes of claiming the credit.
Effective Date: July 1, 2025.
Explanation of State Expenditures: As of the above date, the fiscal analysis of this bill has not been
completed. Please contact the Office of Fiscal and Management Analysis for an update of this fiscal impact
statement.
Explanation of State Revenues:
Explanation of Local Expenditures:
Explanation of Local Revenues:
SB 339 1 State Agencies Affected:
Local Agencies Affected:
Information Sources:
Fiscal Analyst: Camille Tesch, 317-232-5293.
SB 339 2