Providing an income tax credit for families caring for relatives at home who are elderly or victims of Alzheimer's disease
If enacted, this bill would amend Section 6 of Chapter 62 of the General Laws in Massachusetts, specifically focusing on income tax regulations. By offering a tax credit, it incentivizes families to keep elderly relatives at home instead of placing them in professional care settings, which can be significantly more costly. The bill aims to support family caregivers financially and reduce the economic strain on them, promoting the idea of caring for family members within the home environment.
House Bill 3018 aims to provide an income tax credit for families who care for elderly relatives or those suffering from Alzheimer's disease. This legislative effort recognizes the increasing financial burden on families who choose to provide home care for their loved ones. Under this bill, eligible taxpayers could receive a $600 tax credit if they provide more than half of the support for a relative who is over 70 or has Alzheimer's, with specified income limits for the relatives that they care for.
While the bill may garner support from families and caregiving advocates, it could encounter opposition based on budgetary concerns and the implications for state revenue. Critics may argue that it adds to the fiscal responsibility of the state, potentially leading to challenges in funding other public services. Furthermore, there might be discussions regarding the adequacy of the financial relief proposed and whether the thresholds set for qualifying relatives are appropriate given the rising costs of living.