In 2023, Alzheimer’s caregivers provided 18.4 billion hours of unpaid care, valued at nearly $350 billion. Dementia caregivers spend more than non-dementia caregivers on out-of-pocket costs ($10,289 versus $7,200 in 2023). As a result of this financial strain, many families significantly cut back on savings contributions and other spending, some reporting eating less due to care costs. 

The bipartisan Credit for Caring Act will help alleviate the financial challenges of caring for a loved one by creating a new, non-refundable federal tax credit of up to $5,000 for eligible family caregivers. Eligible caregivers, with an earned income of at least $7,500 for the taxable year, would receive the tax credit if their care recipient meets certain functional or cognitive limitations or other requirements certified by a licensed health care practitioner. Individuals with higher incomes would either be ineligible for the tax credit or receive a reduced amount.

The Alzheimer’s Association and AIM are proud to work with bipartisan members in the House and Senate, as well as AARP, to advance this bipartisan legislation. Join us to urge Congress to take a great step forward to providing much-needed financial relief to family caregivers across the nation, including those caring for people with Alzheimer’s and other dementia.