S5149-118

1. Short title This Act may be cited as the Catching Up Family Caregivers Act of 2024.

2. Additional catch-up contributions for certain family caregivers Subparagraph (A) of section 414(v)(5) of the Internal Revenue Code of 1986 is amended— by striking who would and inserting “who— would by adding or at the end, and by adding at the end the following new clause: is a qualified family caregiver as of the end of the taxable year, Paragraph (6) of section 414(v) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph: The term qualified family caregiver means an individual who has completed 500 or more hours as a family caregiver during any 1 taxable year. An individual shall be treated as a qualified family caregiver for not more than a total of, consecutively or nonconsecutively, the greater of— 1 taxable year for each taxable year during which such individual completed 500 or more hours as a family caregiver, or 5 taxable years. For purposes of this subparagraph, the hours during which an individual was a family caregiver shall be determined by self-certification. The term family caregiver means an unpaid family member, a foster parent, or another unpaid adult, who is unemployed or severely underemployed (as determined by the Secretary) and who provides in-home care, monitoring, management, supervision, or treatment of— a child, or an adult with a special need (as defined in section 2901 of the Public Health Service Act), including an elderly adult who requires care or supervision due to an age-related condition. Clause (i) of section 219(b)(5) of the Internal Revenue Code of 1986 is amended by striking who has attained the age of 50 before the close of the taxable year, the deductible amount and inserting “who— has attained the age of 50 before the close of the taxable year, or is a qualified family caregiver (as defined in section 414(v)(6)(D)) as of the close of the taxable year, The amendments made by this section shall apply to taxable years beginning after December 31, 2024. (i)would, (ii)is a qualified family caregiver as of the end of the taxable year,. (D)Qualified family caregiver(i)In generalThe term qualified family caregiver means an individual who has completed 500 or more hours as a family caregiver during any 1 taxable year.(ii)LimitationAn individual shall be treated as a qualified family caregiver for not more than a total of, consecutively or nonconsecutively, the greater of—(I)1 taxable year for each taxable year during which such individual completed 500 or more hours as a family caregiver, or(II)5 taxable years.(iii)HoursFor purposes of this subparagraph, the hours during which an individual was a family caregiver shall be determined by self-certification.(iv)Family caregiverThe term family caregiver means an unpaid family member, a foster parent, or another unpaid adult, who is unemployed or severely underemployed (as determined by the Secretary) and who provides in-home care, monitoring, management, supervision, or treatment of—(I)a child, or (II)an adult with a special need (as defined in section 2901 of the Public Health Service Act), including an elderly adult who requires care or supervision due to an age-related condition.. (I)has attained the age of 50 before the close of the taxable year, or(II)is a qualified family caregiver (as defined in section 414(v)(6)(D)) as of the close of the taxable year,the deductible amount.