Changes would provide a nonrefundable credit for working family caregivers, among other supports

A bill backed by two 2020 Democratic presidential candidates and AARP also has the support of Republican Congressman Tom Reed. Reed, of Corning, whose district includes part of the Finger Lakes region and Ontario County, announced he is behind a bill to support family caregivers.

“Forty million Americans provide unpaid care to a friend or relative with a long-term illness or medical condition, often juggling this work with other obligations resulting in a significant financial burden,” stated Reed. “We all care about ensuring our aging loved ones get the assistance they deserve and want to ensure any financial pain put upon caregivers (is) eased.”

In the Senate, co-sponsors of the bill are Sens. Michael Bennet, D-Colorado, Shelley Moore Capito, R-West Virginia, and Elizabeth Warren, D-Maine. Reed is introducing a similar bill in the House along with Rep. Linda Sánchez, D-California.

Regarding the bill, called the Credit for Caring Act, AARP stated it “appreciates the bipartisan leadership of the bill’s Senate and House sponsors to support family caregivers.”

In 2016, family caregivers spent an average of 20 percent of their income, or nearly $7,000, on care-related expenses. The Credit for Caring Act would provide some much-needed financial relief to eligible family caregivers, according to AARP.

The Credit for Caring Act 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 tax credit for caregivers could be used toward expenses such as transportation, home modifications to accommodate a family member, medication management services, and training or education for the caregiver.

The details:

— Creates up to a $3,000 nonrefundable tax credit adjusted to inflation for family caregivers.

— Applies to incurred family caregiving expenses greater than $2,000.

— Qualified care recipients must have been certified by a health care practitioner to be in need of long-term care for at least 180 consecutive days.

— Eligibility is limited to a caregiver of a qualified care recipient who must pay for caregiving expenses and has earned income in excess of $7,500.

— Credit is phased out when income exceeds $150,000 for joint filers or $75,000 for individual filers.

To read the full text of the bill, visit https://bit.ly/2LgUKIy