THE CREDIT FOR CARING ACT:
What You Need to Know
Background: On May 17, 2017, this bi-partisan proposed bill introduced in the U.S. House and Senate called the Credit for Caring Act, (S.1151/H.R. 2505) would amend the Internal Revenue Code to create a federal, nonrefundable tax credit of up to $3,000 for family caregivers who work while also financially help and assist in caring for their parents, spouses, children with disabilities or other loved ones. Introduced by Senators Joni Ernst (R-IA), Michael Bennet (D-CO), Shelley Moore Capito (R-WV) and Elizabeth Warren (D-MA), and Representatives Tom Reed (R-NY) and Linda Sánchez (D-CA), this bill is an important step toward supporting caregivers that work while caring for family members. AARP and other national organizations have endorsed the Credit for Caring Act. This bill would help defray some of the costs to family caregivers, 78 percent of whom use their own money to assist with caring for a loved one, and help ensure that they can continue working.
Issue: Today, over 40 million Americans provide long term assistance and care for adult loved ones today. Unpaid caregiver costs are estimated to be valued at a staggering $470 billion dollars annually (more than total Medicaid spending in 2013). In addition, an estimated 3.7 million family caregivers provide care to a child younger than 18 with a medical, behavioral or other condition or disability, and 6.5 million family caregivers assist both adults and children. Family caregivers as-sist with necessary daily life functions, including bathing and dressing, preparing meals, manag-ing medications, driving to appointments, and managing finances. (Source: AARP 2016 Survey Report)
What will the Bill Do?
- The Bill would give eligible family caregivers the opportunity to receive a tax credit for 30 percent of the qualified expenses above $2,000 paid to help a loved one, up to a maximum credit amount of $3,000 if the caregiver meets the following criteria:
- Is a spouse, adult child, parent or another relation named under the “dependent” definition
- Helps a loved one, of any age, who meets certain functional or cognitive limitations or other requirements, as certified by a licensed health care practitioner
- May or may not live with the loved one
- Have more than $7,500 in earned income for the taxable year, and
- Can document qualified expenses.
- Index certain dollar amounts and income levels to inflation
- Coordinate with other existing tax provisions to prevent double dipping, and
- Phase out at higher income levels.
Status of the Bill:
This bill was referred to the House, Ways and Means Committee.
What You Can Do:
- Attend a Town Hall in your congressional district
- Contact Your U.S. Senator and House Representatives at www.senate.gov and www.house.gov
U.S. Capitol Switchboard (202) 224-3121.
You can download a copy of this article here: Credit for caring Act.pdf
OTHER NEWS
ASCENSION SUPPORTS BWA’S “BECAUSE WE CARE” INITIATIVE
One of the highlights of The Black Women’s Agenda, Inc.’s 40th Annual Symposium Workshop & Awards Luncheon was the announcement of a $50,000 donation to BWA made by Patricia A. Maryland, Dr.PH, President and Chief Executive Officer of Ascension Healthcare, Vice President, Ascension, and BWA’s 2017 Health Award recipient.
Ascension, the nation’s largest non-profit health system, is a faith-based healthcare organization dedicated to transformation through innovation across the continuum of care.
EDUCATION ISSUE H.R. 610: What You Need to Know
On January 23, 2017 Representative Steve King of Iowa introduced H.R.610 – a bill that would distribute Federal funds for elementary and secondary education in the form of vouchers for eligible students and to repeal a certain rule relating to nutrition standards in schools.
This bill threatens funding to public schools and equal opportunity in education. This bill is designed to take federal funds from public schools by dismantling Block Grants programs and other programs that are in place to assist communities of color.
AWARENESS & ACTION: THE BLACK WOMEN’S AGENDA, INC. HOSTS 39TH ANNUAL SYMPOSIUM WORKSHOP & AWARDS LUNCHEON
WASHINGTON, DC – The Black Women’s Agenda, Inc. (BWA) recently hosted its 39th Annual Symposium Workshop & Awards Luncheon, honoring the achievements of five women and encouraging the more than 1,200 attendees to exert their influence in areas of critical importance to their communities. The organization also welcomed Democratic Presidential Nominee Hillary Rodham Clinton, who addressed participants in the morning workshop.
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Today in #BlackHistory — Unbought and Unbossed, Shirley Chisholm became the first Black Presidential nominee.
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