In 2017 Arizona State Representative Heather Carter proposed HB 2209 “Family Caregiver Income Tax Credit” that would give up to $1,000 tax credit to those family caregivers who pay out of pocket expenses in the service of their loved ones.
There is a great deal of confusion surrounding the state of taxes in America. Congress will continue to push forward on tax reform with the approval of the budget in the Senate, but there is one aspect that AARP doesn’t want to get lost in the shuffle: The Medical Expense Deduction. Essentially, this allows you to deduct out-of-pocket medical expenses after exceeding a certain level of income based on your age.
Perhaps given the current political climate it may be difficult to look at what is happening in Washington, however, AARP is working to make some changes for the betterment of American Caregivers. AARP is strongly behind the RAISE (Recognize, Assist, Include, Support and Engage) Family Caregivers Act, which would create an advisory council to recommend a strategy to support Family Caregivers. The bill is bipartisan, and has already passed the U.S. Senate unanimously. The bottom line is that there is a large section of the population (40+ million) who provides free care (valued at around $470 billion) to their family members, keeping them independent, and AARP believes that the RAISE Family Caregivers Act is a way to help that cause.
AARP is pleased to share with you our new pension resource, Understanding Public Pensions: Guide for Elected Officials, authored by AARP and the Center for State and Local Government Excellence. ( http://bit.ly/2pOER0X)