Income Tax - Credit for Individuals Residing With and Caring for Elderly Parents

SB 151 creates a $3,000 refundable Maryland income tax credit for residents who live with and care for a parent aged 70 or older. To qualify, individuals must reside with the parent for at least six months, provide care, not be claimed as a dependent, and have income under $92,000 (single) or $143,000 (joint). The credit is refundable, meaning taxpayers can receive cash if the credit exceeds their state income tax liability. The bill takes effect for 2026 tax years and includes annual income adjustments for inflation.