An Act Establishing A Personal Income Tax Deduction For Home Health Care Costs.
If enacted, HB 5024 would significantly alter the financial landscape for individuals requiring home health care, potentially easing the financial burden associated with such necessary services. By offering a tax deduction, the bill aims to enhance accessibility to home health care for families and individuals who may otherwise struggle to afford these costs. The introduction of such a deduction aligns with broader goals of promoting independent living and supporting individuals seeking to stay in their homes while receiving care.
House Bill 5024 aims to establish a personal income tax deduction for home health care costs in the state. The proposed legislation is intended to allow taxpayers to deduct up to sixty thousand dollars for the expenses associated with full-time home health care. This includes not only the costs of medical supplies but also services provided by various home health care professionals such as live-in caregivers and home health aides. The bill was introduced in February 2020 and referred to the Committee on Finance, Revenue, and Bonding for further consideration.
While the bill has the potential to provide much-needed financial relief, there may be contention regarding its fiscal implications for state revenue. Critics may argue that establishing significant tax deductions could lead to reductions in state funding for other essential services and programs. Additionally, there might be discussions about the adequacy of the proposed deduction amount, as healthcare costs vary widely and may exceed the proposed ceiling, limiting its effectiveness for some families.