Elderly Veterans Care Act of 1987

Elderly Veterans Care Act of 1987 - Amends the Internal Revenue Code to allow an income tax credit for elderly care expenses paid for the care of a qualifying veteran. Sets the amount of such credit at 30 percent of such expenses reduced by one percent for each $2,000 by which the adjusted gross income of the taxpayer exceeds $10,000. Disallows such credit for a taxpayer with an adjusted gross income of $50,000 or more ($25,000 or more in the case of a married individual filing a separate return). Limits the amount of elderly care expenses which may be taken into account for such credit to an aggregate of $7,000 and not more than $3,500 for any one qualifying veteran.

Defines a "qualifying veteran" as an individual who is a veteran related to the taxpayer and who is at least 65 years of age and has a family income of $15,000 or less for the taxable year.

Defines "qualified elderly care expenses" as payments by the taxpayer for home health agency services, homemaker services, adult day care, respite care, or health care equipment and supplies which are provided to the veteran by an organization or individual not related to the taxpayer or the veteran and which are not compensated for by insurance or otherwise.