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SECTION 1. SHORT TITLE.

This Act may be cited as the ''Caring Family Act of 2008''.

SEC. 2. CREDIT FOR CARING FOR DEPENDENTS WITH LONG-TERM CARE NEEDS IN
TAXPAYER'S HOME.

(a) In General.--Subpart A of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 (relating to nonrefundable
personal credits) is amended by inserting after section 25D the
following new section:

''SEC. 25E. FAMILY CARE CREDIT.

''(a) In General.--In the case of an individual, there shall be
allowed as a credit against the tax imposed by this chapter for the
taxable year an amount equal to $3,000 for each qualified family member
with respect to whom the taxpayer is an eligible caregiver for the
taxable year.
''(b) Limitations.--
''(1) Limitation based on number of qualified family
members.--The number of qualifying family members which may be
taken into account under subsection (a) for the taxable year
shall not exceed 2 (4 in the case of a joint return).
''(2) Limitation based on adjusted gross income.--
''(A) In general.--The amount of the credit
allowable under subsection (a) (determined without
regard to this paragraph) shall be reduced (but not
below zero) by $100 for each $1,000 (or fraction
thereof) by which the taxpayer's modified adjusted
gross income exceeds the threshold amount.
''(B) Definitions.--For purposes of subparagraph
(A)--
''(i) Modified adjusted gross income.--The
term 'modified adjusted gross income' means
adjusted gross income increased by any amount
excluded from gross income under section 911,
931, or 933.
''(ii) Threshold amount.--The term
'threshold amount' means--
''(I) $200,000 in the case of a
joint return, and
''(II) $100,000 in any other case.
''(c) Qualified Family Member.--For purposes of this section--
''(1) In general.--The term 'qualified family member'
means, with respect to any taxable year, any individual--
''(A) who is--
''(i) the spouse of the taxpayer, or
''(ii) a dependent of the taxpayer with
respect to whom the taxpayer is entitled to an
exemption under section 151(c),
''(B) who has attained age 60 before the close of
the taxable year,
''(C) who is an individual with long-term care
needs, and
''(D) who, for more than one-half of the taxable
year, has as such individual's principal place of abode
the home of the taxpayer and is a member of the
taxpayer's household.
''(2) Individuals with long-term care needs.--The term
'individual with long-term care needs' means, with respect to
any taxable year, an individual who has been certified during
such year by a physician (as defined in section 1861(r)(1) of
the Social Security Act) as being, for a period of at least 180
consecutive days which includes the date of the certification--
''(A) an individual who is unable to perform
(without substantial assistance from another
individual) at least 2 activities of daily living (as
defined in section 7702B(c)(2)(B)) due to a loss of
functional capacity, or
''(B) an individual who requires substantial
supervision to protect such individual from threats to
health and safety due to severe cognitive impairment
and is unable to perform, without reminding or cuing
assistance, at least 1 activity of daily living (as so
defined) or to the extent provided in regulations
prescribed by the Secretary (in consultation with the
Secretary of Health and Human Services), is unable to
engage in age appropriate activities.
''(3) Identification requirement.--
''(A) In general.--No credit shall be allowed under
this section to a taxpayer with respect to any
qualified family member unless the taxpayer includes on
the return of tax for the taxable year--
''(i) the name and TIN of such member, and
''(ii) the name and TIN of the physician
certifying such member.
''(B) Exception for due diligence.--In the case of
a failure to provide the information required under
subparagraph (A)(ii), such subparagraph shall not apply
if it is shown that the taxpayer exercised due
diligence in attempting to provide the information so
required.
''(d) Special Rules.--
''(1) Taxable year must be full taxable year.--Except in
the case of a taxable year closed by reason of the death of the
taxpayer, no credit shall be allowable under this section in
the case of a taxable year covering a period of less than 12
months.
''(2) Certain rules to apply.--Rules similar to the rules
of paragraphs (2), (3), and (4) of section 21(e) shall apply
for purposes of this section.''.
(b) Conforming Amendment.--Paragraph (2) of section 6213(g) of such
Code (relating to mathematical or clerical error) is amended--
(1) by striking ''and'' at the end of subparagraph (L), by
striking the period at the end of subparagraph (M) and
inserting '', and'', and by inserting after subparagraph (M)
the following new subparagraph:
''(N) an omission of a correct TIN or physician
identification required under section 25E(c)(3)
(relating to family care credit) to be included on a
return.'', and
(2) in the matter preceding clause (i) of subparagraph (L),
by inserting ''25E,'' after ''24,''.
(c) Clerical Amendment.--The table of sections for such subpart A
is amended by inserting after the item relating to section 25D the
following new item:

''Sec. 25E. Family care credit.''.
(d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2007.
Caring Family Act of 2008 - Amends the Internal Revenue Code to allow individual taxpayers an income-based tax credit for providing care to family members and dependents with long-term care needs. Allows a $3,000 tax credit for each family member or dependent (not exceeding two in any taxable year) who has reached age 60 and for whom the taxpayer provides long-term care services.