Maryland SB151 proposes a tax credit for individuals who live with and care for elderly parents.
Maryland SB151 introduces a state income tax credit for individuals who reside with and provide care for elderly parents. The credit is up to $3,000 and is refundable if it exceeds the state income tax owed. To qualify, the individual must reside with the parent for at least six months, provide care, not be a dependent of another taxpayer, and meet income limits. The credit can be claimed for more than one parent, but not by multiple individuals for the same parent. The income thresholds will be adjusted annually for inflation.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.