Washington, DC: On March 4, Congresswoman Jen Kiggans (VA-02) announced her cosponsorship of H.R. 7165, the Credit for Caring Act, a bipartisan, bicameral bill that would establish a tax credit for eligible individuals who spend personal dollars on services for family members requiring long-term care. The bill, which was introduced by Congressman Mike Carey (OH-15) in the U.S. House and by Senator Michael Bennett (CO) in the U.S. Senate, would provide up to a $5,000 federal tax credit for eligible and working family caregivers.
“As a geriatric nurse practitioner who has had the privilege of caring for members of our Greatest Generation, I have seen how much time, effort, and money family caregivers dedicate to supporting their loved ones and prioritizing their health,” said Congresswoman Kiggans. “The Credit for Caring Act is a great solution for those who pay out of their own pockets for long-term services for family members, and I’m proud to support it.”
More than 48 million Americans serve as caregivers for their parents, spouses, and additional loved ones, spending an average of $7,200 yearly on in-home care, day care, transportation, and other services.
Specifically, the Credit for Caring Act would:
- Create up to a $5,000 nonrefundable tax credit adjusted to inflation for family caregivers.
- Apply to incurred family caregiving expenses greater than $2,000.
The Credit for Caring Act is also cosponsored by Reps. Linda Sánchez (CA-38), Dan Kildee (MI-08), and Nanette Diaz Barragan (CA-44), and Senators Shelley Moore Capito (WV), Elizabeth Warren (MA), Susan Collins (ME), Margaret Hassan (NH), and Lisa Murkowski (AK).
Original source can be found here.
