CARE Act (Caregiver Assistance and Relief Effort Act) (2007)
Federal bill would allow taxpayers a tax credit starting at $2,500 in 2008, with a reduction of $100 for every $1000 the taxpayer earns over $75,000, if they care for a family member with long-term care needs. The credit would increase to $2,750 in 2009 and $3,000 in 2010. The bill would increase funding for the National Family Caregiver Support Program (NFCSP) to $250million in FY 2008, from $156million in FY 2007. It would also allow a tax deduction for long-term care insurance premiums and apply certain consumer protection provisions to long-term care insurance contracts.
Bill Number S. 2121
Sponsor Sen. Bob Menendez (D-NJ)
Date of Introduction 10/1/2007
Latest Activity Bill did not pass in the Legislative session.
More Info http://thomas.loc.gov/
Topic: Caregiver Tax Incentives