Tax break for elder care

With close to two million elderly residents in New York State, caring for them can often cost families a lot.
However, the New York State Senate recently passed legislation that would give people who are taking care of their elderly family members aged 70 and above a tax exemption.
According to the Department for the Aging, there are 1,835,566 people aged 70 and above living in New York State this year.
“It is difficult to care for the elderly,” said Victoria Vattimo, chief of staff for Senator Maltese, a co-sponsor of the bill. “A lot more people are facing this issue [because] the population is aging.”
To receive the personal income tax exemption, the elderly individual must be living in the house of the taxpayer.
“When elderly family members are no longer able to live independently, many families opt to provide their own care, rather than put their loved one in a nursing home,” Maltese said last week when the Senate passed the legislation.
For each elderly dependent whose income does not exceed $5,000, his or her family member would receive a tax exemption of $1,000. The same goes for an elderly husband and wife whose income does not exceed $7,500.
The bill has now gone to the Assembly.