[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 5149 Introduced in Senate (IS)]

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118th CONGRESS
  2d Session
                                S. 5149

To amend the Internal Revenue Code of 1986 to allow additional catch-up 
              contributions for certain family caregivers.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 24, 2024

  Ms. Collins introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to allow additional catch-up 
              contributions for certain family caregivers.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Catching Up Family Caregivers Act of 
2024''.

SEC. 2. ADDITIONAL CATCH-UP CONTRIBUTIONS FOR CERTAIN FAMILY 
              CAREGIVERS.

    (a) In General.--Subparagraph (A) of section 414(v)(5) of the 
Internal Revenue Code of 1986 is amended--
            (1) by striking ``who would'' and inserting ``who--
                            ``(i) would'',
            (2) by adding ``or'' at the end, and
            (3) by adding at the end the following new clause:
                            ``(ii) is a qualified family caregiver as 
                        of the end of the taxable year,''.
    (b) Qualified Family Caregiver.--Paragraph (6) of section 414(v) of 
the Internal Revenue Code of 1986 is amended by adding at the end the 
following new subparagraph:
                    ``(D) Qualified family caregiver.--
                            ``(i) In general.--The term `qualified 
                        family caregiver' means an individual who has 
                        completed 500 or more hours as a family 
                        caregiver during any 1 taxable year.
                            ``(ii) Limitation.--An 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) Hours.--For purposes of this 
                        subparagraph, the hours during which an 
                        individual was a family caregiver shall be 
                        determined by self-certification.
                            ``(iv) Family caregiver.--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--
                                    ``(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.''.
    (c) IRA Catch-Up Contributions.--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--
                                    ``(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''.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2024.
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