Americans Giving Care to Elders (AGE) Act of 2024

Overview: This bill gives a federal income tax credit for taxpayers with expenses caring for an older adult parent or household member. Covered
expenses include medical care, adult day care, respite care, personal care, assistive technology, home modifications, and caregiver training.

Caregiver Population: Taxpayers with expenses from caring for a parent, stepparent, parent-in-law, ancestor of a parent, or other member of their household who lives with them.

Care Recipient Eligibility Requirements: A parent, stepparent, parent-in-law, ancestor of a parent, or other member of the taxpayer’s household age 65 or older who needs help with activities of daily living (ADLs), and lives with the taxpayer.

Amount of Tax Relief: Credit of 20% of the covered expenses paid by taxpayer during the taxable year.

Income-based Adjustments/ Threshold Amounts: The credit amount is reduced by 1 percent for each $4,000 of gross income that exceeds $120,000. The maximum expense amount eligible for a credit is $6,000.

Indexing for Inflation: Not specified