The “Credit for Caring Act” was reintroduced yesterday in the Senate to reduce the burden on family caregivers. HCAOA strongly supports this bipartisan proposal, which allows an eligible caregiver a tax credit of up to $5,000 for the cost of long-term care expenses that exceed $2,000 in a taxable year.
The bill defines "eligible caregiver" as an individual who has earned income for the taxable year in excess of $7,500 and pays or incurs expenses for providing care to a spouse or other dependent relative with long-term care needs. The bill defines "qualified expenses" to include respite care, counseling, support groups, training, lost wages, travel costs, and technologies.
HCAOA penned a letter of support for the Credit for Caring Act to Senators Ernst and Bennet that you can read here.