Credit for Caring Act of 2024

S 3702, the Credit for Caring Act of 2024, creates a tax credit for working family caregivers who provide care for a certified family member needing long-term assistance. Eligible caregivers (with over $7,500 in earned income) can claim a credit equal to 30% of qualified care expenses exceeding $2,000 annually, capped at $5,000 per year. Qualified expenses include human assistance, home modifications, respite care, counseling, lost wages for unpaid care time, and transportation - provided the care recipient (e.g., a parent or spouse) is certified by a healthcare provider as requiring long-term care for at least 180 days. The credit phases out for taxpayers with modified adjusted gross income above $75,000 (single) or $150,000 (joint returns).