The AGE Act of 2026 creates a new tax credit to help Americans pay for eldercare expenses. The credit allows taxpayers to claim 20 percent of qualified eldercare expenses, up to a maximum of $6,000 per year, though the credit percentage decreases for higher-income taxpayers (reducing by 1 percentage point for each $4,000 above $120,000 in adjusted gross income). The credit applies to care expenses for individuals age 65 and older who need assistance with daily living activities and are related to the taxpayer as parents, in-laws, stepparents, or live in the taxpayer's household. Eligible expenses include medical care, adult day services, personal care, respite care, assistive devices, home modifications, and caregiver training. The bill takes effect for tax years beginning after it is enacted and includes provisions to prevent people from claiming the same expenses under multiple tax credits.
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