SENATE PASSES BILL TO HELP FAMILIES CARING FOR ELDERLY LOVED ONES
Bill Would Provide A Tax Exemption For Family Members Of The Elderly
The New York State Senate today passed legislation (S.2060), sponsored by Senator John A. DeFrancisco (R-Syracuse) that would provide individuals who are caring for an elderly family member with an additional tax exemption.
This bill would provide a personal income tax exemption to an individual taxpayer who cares for a parent or immediate family member, seventy years of age or older, residing in the household of the taxpayer. Individuals would be allowed an additional tax exemption of $1,000 for each elderly dependent, whose gross income does not exceed $5,000 or in the case of a husband and wife with joint income, does not exceed $7,500. This would help to encourage family members of the elderly to care for their aging relatives at home to avoid costly institutionalization.
Senator Marty Golden, the Chairman of the New York State Senate Aging Committee stated, "Caring for an elderly family member has become increasingly expensive as prescription drug prices and gas prices have been on the rise. This bill would create an incentive for families who are worried about being overwhelmed by these costs and all of the other costs of caring for an elderly parent or relative. This legislation would help families strike a better balance in meeting the additional responsibilities they face in this situation."
The bill was sent to the Assembly.