Americans Giving Care to Elders Act of 2024 or the AGE Act of 2024
This bill provides a new nonrefundable tax credit for 20% of a taxpayer’s expenses to care for an older adult, subject to limitations. The amount of expenses incurred during any year that may be taken into account for the tax credit may not exceed $6,000. Further, the tax credit begins to phase out once a taxpayer’s adjusted gross income exceeds $120,000.
The tax credit applies to expenses to care for certain relatives or members of the taxpayer's household who have attained the age of 65 and require assistance with activities of daily living.
Expenses eligible for the tax credit include amounts paid for