❌ SB205
Authorize an income tax credit for family caregiving expenses
Summary
The bill authorizes a nonrefundable income tax credit for family caregiving expenses, allowing caregivers to claim 30% of eligible expenses incurred for eligible family members, with a maximum credit of $2,000. Eligible family members must be at least 50 years old and require assistance with at least two activities of daily living. The bill outlines specific criteria for eligible expenses and income thresholds for caregivers.
Rationale
The bill introduces a government tax credit which may be seen as an increase in government intervention in personal financial matters, conflicting with the Libertarian principles of minimal government involvement and reduced taxation. Both the LP and LPO platforms advocate for reduced taxes and limited government interference in personal choices, which this bill does not align with.
Risks and Concerns
- Increases government intervention in personal finances
- Potential for dependency on government support
- May set a precedent for further tax credits and government programs