WASHINGTON, D.C. — On Wednesday, U.S. Senators Shelley Moore Capito (R-W.Va.), Ranking Member of the Senate Appropriations Subcommittee on Labor, Health and Human Services, Education, and Related Agencies (Labor-HHS), and Michael Bennet (D-Colo.), as well as U.S. Reps. Linda Sánchez (D-Calif.) and Mike Carey (R-Ohio), reintroduced the Credit for Caring Act.
This bill would provide up to a $5,000 federal tax credit for eligible and working family caregivers.
Capito and her colleagues announced the introduction of the legislation during a press conference today. West Virginian and former caregiver, Jay Montgomery “Monty” Brown, also participated in the event.
“As someone who helped care for both of my parents as they battled Alzheimer’s at the end of their lives, I understand the emotional and physical toll it can take on individuals and families,” Ranking Member Capito said. “The Credit for Caring Act is a great tool to help to ease the financial burden caregivers face and I am proud to join with my colleagues today in reintroducing this bill. By passing this bill, we can help caregivers focus more on their loved ones and less on how much it will cost them.”
“Family caregivers play a critical role in the lives of their loved ones, often at a significant financial cost to themselves. They have to balance jobs and family responsibilities, and still make ends meet at the end of the month,” Senator Bennet said. “Congress should make things a little easier for them. Our bipartisan bill will help ease the financial burden that many caregivers face in Colorado and across the country, and I’m grateful for the support of my colleagues in both chambers of Congress.”
“I’m grateful for this legislation that people can get on board with – not as partisan, but simply about goodness and taking care of people who need assistance, by people who love them and who will give their all for them — no matter how much it costs,” Monty Brown, a West Virginian and former family caregiver to his wife, mother, mother-in-law, and partner, said.
“Family caregivers are the backbone of our country’s long-term care system, but they are overwhelmed, exhausted, and financially strained. Our caregivers desperately need support. That is why AARP is proud to work closely with Senators Bennet, Capito, Warren, Collins, Hassan, and Murkowski and Representatives Carey and Sanchez for the introduction of the Credit for Caring Act,” Nancy LeaMond, Executive Vice President and Chief Advocacy & Engagement Officer of AARP, said.
“We urge Congress to pass this legislation in 2024 to help provide relief and put money back in the pockets of caregivers.”
More than 48 million Americans are caregivers, including 250,000 in West Virginia. Caregivers provide approximately $600 billion in unpaid care each year so that their parents, spouses, and other loved ones can continue to live independently.
The Credit for Caring Act would help cover the over $7,200 that many families spend yearly on out-of-pocket caring costs, such as home care aides, adult day care, respite care, transportation, and other supports. Specifically, the bill would:
¯ Create up to a $5,000 nonrefundable tax credit adjusted to inflation for family caregivers; and
¯ Apply to incurred family caregiving expenses greater than $2,000.
The Credit for Caring Act is also cosponsored by U.S. Senators Susan Collins (R-Maine), Elizabeth Warren (D-Mass.), Lisa Murkowski (R-Alaska), and Maggie Hassan (D-N.H.).