Federal Initiatives: Credit for Caring Act (H.R. 7165 / S. 3702)
This bipartisan proposal aims to offer a tax credit of up to $5,000 for family caregiverswho incur long-term care expenses. Key details include: Credit Amount: 30% of qualified expenses exceeding $2,000, with a maximum credit of $5,000. Eligibility: Caregivers must have an income greater than $7,500 and provide care for a spouse or dependent relative…