WASHINGTON, D.C. – U.S. Senator Tammy Baldwin today cosponsored the bipartisan, bicameral Credit For Caring Act, led by Senator Joni Ernst (R-IA), which would provide working family caregivers with a nonrefundable tax credit up to $3,000 to assist with out-of-pocket expenses related to caregiving.
This bipartisan legislation seeks to aid those balancing full or part-time employment, while also taking on added financial responsibilities as a family caregiver supporting a loved one. This tax credit for caregivers can be used toward expenses such as transportation, home modifications to accommodate a family member, medication management services, and training or education for the caregiver.
“In so many instances, family caregivers put their financial security at risk to tend to the needs of their loved ones, many of whom require full-time assistance and care, If we are serious about ensuring that our older adults and loved ones with disabilities receive the highest quality care in their own homes, we must support family caregivers,” said Senator Baldwin. “I am proud to join my colleagues in this bipartisan reform to provide family caregivers some much need tax relief.”
“Family caregivers play a critical role in supporting aging parents or special needs individuals,” said Senator Ernst. “There are more than 40 million family caregivers across the country, and 317,000 in Iowa. I am grateful for the bipartisan support from my colleagues on this important legislation to better accommodate family caregivers’ selfless actions.”
“Across the country, 40 million Americans are taking care of loved ones so they can stay in their homes and communities, delaying or preventing more expensive institutional care or hospital stays,” said Nancy LeaMond, AARP Chief Advocacy and Engagement Officer. “Last year, these family caregivers spent an average of 20 percent of their income on care-related expenses. That translates to $6,954 in 2016, and some pay much more. The Credit for Caring Act would give some much-needed financial relief to eligible family caregivers. We look forward to working with the bill’s sponsors and others to pass this important legislation.”
About the Credit for Caring Act: