Credit for Caring Act Reintroduced into U.S. Senate

On January 31, 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, 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.

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.).

The 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. 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," Senator Capito said. "The Credit for Caring Act is a great tool to help to ease the financial burden caregivers face.

"I am proud to join with my colleagues today in reintroducing this bill," she continued. "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," said Senator Bennet. "They have to balance jobs and family responsibilities, and still make ends meet at the end of the month. 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," said Brown, a former family caregiver to his wife, mother, mother-in-law and partner.

"Family caregivers are the backbone of our country's long-term care system, but they are overwhelmed, exhausted and financially strained," said Nancy LeaMond, executive vice president and chief advocacy & engagement officer of AARP. "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," she added. "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.