By Naomi Jagoda - 03/07/16 03:35 PM EST
A bipartisan pair of House members has offered legislation that would provide a tax credit for those who care for aging and disabled relatives.
The legislation is sponsored by Reps. Tom Reed (R-N.Y.) and Linda Sanchez (D-Calif.) and is supported by groups including the AARP and the American Heart Association, according to a news release issued Monday.
“It’s a win-win. Families will stay together and those in need of assistance have access to better care,” Reed said.
Under the legislation, eligible working families would be able to receive an annual credit of up to 30 percent of caregiving expenses or $3,000, whichever is less. The credit would not be refundable.
Caregivers would have to earn at least $7,500 annually to qualify for the credit, and the credit would phase out for married couples making more than $150,000 or single people making more than $75,000.
“This is more than just another tax credit,” Sanchez said. “This is about how we can help older adults and people with disabilities live independently in their own homes and communities.