S. 3295 — A bill to amend the Internal Revenue Code of 1986 to establish a credit for adult child caregivers.

S. 3295 — A bill to amend the Internal Revenue Code of 1986 to establish a credit for adult child caregivers. | JustPolicyThe purpose of this legislation is to provide financial support to individuals who care for older relatives living in their homes. It aims to recognize and assist adult children who take on caregiving responsibilities, thereby promoting multigenerational living arrangements that can improve the well-being of older adults. The key provision of this legislation is the establishment of a tax credit known as the Multigenerational Home Caregiver Credit. Eligible individuals can receive a credit of $2,000 for each qualified relative they care for, provided certain conditions are met.