Credit for Caring Act Would Provide Tax Credit to Family Caregivers
Due to the much needed financial assistance for approximately America’s 48 million caregivers, the Credit for Caring Act was passed May 18th. The bill would provide up to $5,000 federal tax credit for eligible working family caregivers.
The bill’s new, nonrefundable federal tax credit would give eligible family caregivers who work a 30 percent credit for qualified expenses they paid or incurred above $2,000. The credit could help offset the costs of services like home care aides, adult day care and respite care as well as home modifications like ramps and smart-home technology that make caregiving at home safer and easier.
This new legislation will help caregivers make ends meet and boost the economy. If caregivers have more support in the workplace, the U.S. gross domestic product could grow by an additional $1.7 trillion by 2030. Read more at www.aarp.org