This legislation introduces a new income tax credit to help individuals offset the costs of caring for elderly relatives. Taxpayers can claim this credit for expenses related to a qualifying individual who is at least 65 years old, requires assistance with activities of daily living, and is a specific type of relative such as a parent, grandparent, or certain household member. The credit is calculated as an applicable percentage of eldercare expenses, starting at 20 percent and gradually reducing for taxpayers with adjusted gross incomes exceeding $120,000. Eligible expenses include medical care, adult day services, personal care, respite care, assistive technologies, and home modifications, with a maximum creditable amount of $6,000 per year. The bill also specifies requirements for care centers and mandates the inclusion of identifying information for service providers and qualifying individuals to prevent double benefits.