By introducing this tax credit, SB3702 is expected to significantly impact the financial burden on working family caregivers across the country. The bill specifically outlines the types of qualified expenses that caregivers can claim, including expenditures for goods, services, and supports necessary for assisting with daily living activities. The legislation addresses the rising costs associated with caregiving and acknowledges the vital role that caregivers play in supporting individuals with long-term care needs.
Summary
SB3702, known as the 'Credit for Caring Act of 2024', seeks to amend the Internal Revenue Code of 1986 by introducing a nonrefundable tax credit for working family caregivers. Under this legislation, eligible caregivers can claim a credit worth 30 percent of qualified expenses incurred on behalf of care recipients, with a maximum limit of $5,000. The credit kicks in for caregivers whose expenses exceed $2,000. This initiative is designed to provide financial assistance and relief to those providing unpaid care to family members, particularly for long-term care needs.
Contention
Despite its supportive intent, the bill may face scrutiny regarding its implementation and eligibility criteria. Critics could argue that the thresholds set for income and expenses may exclude some caregivers who need support the most. Furthermore, the requirement for caregivers to document their expenses and provide certifications from licensed healthcare practitioners may pose administrative challenges and could limit access to the credit for some potential beneficiaries.
America First ActThis bill limits the eligibility of certain non-U.S. nationals (aliens under federal law) for various federal benefits and grants, makes permanent the child tax credit increase, and requires individuals to provide evidence of satisfactory immigration status prior to receiving specified benefits.The bill prohibits asylees, parolees, and individuals withheld from removal from receiving certain federal benefits, including Medicaid, Temporary Assistance for Needy Families, the Supplemental Nutritional Assistance Program (SNAP), and Supplemental Security Income. The bill further restricts on the basis of immigration status benefits under federal health programs such as Medicare, emergency disaster relief, housing assistance, food assistance, early childhood assistance, student aid, and Community Development Block Grants.The bill also makes permanent the increase in the child tax credit set to expire at the end of 2025. In addition, this tax credit and the earned income tax credit are not available to asylees, parolees, individuals granted temporary protected status, individuals withheld from removal, individuals granted deferred action for childhood arrivals (DACA) status, and non-U.S. nationals with employment-based immigrant visas.Federal aid is reduced for elementary and secondary education by 50% annually to jurisdictions that do not assist federal immigration enforcement actions (deemed sanctuary jurisdictions under the bill).The bill also removes statutory exemptions for Haitian entrants that allows such entrants to receive various aid.Certain benefits are prohibited, including Medicaid and SNAP, until an applicant’s satisfactory immigration status is proved.The bill prohibits tax-exempt 501(c)(3) charitable organizations from using federal funds to support certain non-U.S. nationals.