Colorado Senator Is A Lead Sponsor of the Credit for Caring Act

Colorado Senator Michael Bennet is a lead sponsor of a bill introduced in both houses of Congress that would provide financial support for individual caregivers. The Credit for Caring Act would provide up to a $5,000 federal tax credit for eligible working family caregivers and also cover 30% of qualified expenses caregivers incur above $2,000. The latter would be a significant benefit since families spend on average more than $7,200 each year on out-of-pocket caring costs, covering items such as home care aides, adult day care, respite care, transportation, home modifications, or other supports. Bill Sweeney, senior vice president for government affairs at AARP, said family caregivers would have to document what caregiving expenses they’ve had out of pocket above $2,000 to qualify for the credit. He added that the family member would not need to be living in the same house, but the costs would need to be incurred by the caregiver, not expenses paid for by the loved one being cared for.

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