Got elderly parents? You’ll love GMA for pushing this bill
Former president, Pampanga 2nd District Rep. Gloria Macapagal-Arroyo is seeking tax incentives for taxpayers who are caring for their elderly parents.
Arroyo filed House Bill 1522, which would allow taxpayers to save money which can be used on nutrition, education, medicines and other basic needs of their other dependents.
It seeks to amend paragraph B of Section 35 of Republic Act No. 8424 or the National Internal Revenue Code (NIRC) of 1997 to include an additional exemption of P25,000 for each elderly parent being cared for by a taxpayer.
“An additional exemption of P25,000 for each elderly parent shall be likewise be allowed to the individual taxpayer: provided, that the elderly parent is chiefly dependent on and living with the taxpayer,” stated Arroyo, who is a deputy speaker.
In her proposed law, the Pampanga solon defines the elderly as any “parent who is at least 60 years old with no means of support.”
Under the prevailing law, an individual taxpayer is allowed an additional exemption of P25,000 for each depending child not exceeding four.
Arroyo said granting additional exemption for those taking care of their elderly parents is geared toward relieving them of their tax burden. This would in turn leave more money in their pockets for their other needs.
The lady politiko added that Republic Act No. 7432 or the Senior Citizens Act had allowed a taxpayer, who is head of the family, to include a senior citizen as a dependent under the NIRC.
However, this privilege was not expressly provided under RA 8424 which is the reason why there is need for a new legislation in order for individual taxpayers to fully avail of this additional tax exemption.
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