AGE Act of 2024

The AGE Act of 2024 creates a new tax credit for individuals who pay for care of elderly relatives. It allows a 20% credit on eligible eldercare expenses - such as medical care, personal assistance, home modifications, and respite care - up to $6,000 per year, reduced for higher-income taxpayers (starting at $120,000 AGI). To qualify, the elderly person must be 65+ and require daily living assistance, and be a qualifying relative (e.g., parent, in-law) or a household member. The bill requires taxpayers to provide identification details for both the care provider and the elderly person to claim the credit, and prevents double benefits with other tax provisions.