AARP Supports $500 Tax Credit for Nebraska Caregivers
LINCOLN-AARP Nebraska is backing state legislation that provides a tax credit to family caregivers of older adults.
LB 264, introduced by Sen. Kate Bolz of Lincoln, would create a $500 tax credit for individuals caring for a family member age 65 and over who has a disability and a limited income. The tax credit would be refundable to caregivers with incomes up to 250 percent of poverty. Caregivers between 250 and 500 percent of poverty would qualify for a non-refundable tax credit.
Nebraska caregivers contribute an estimated 210 million hours of unpaid care valued at $2.2 billion annually. Providing support for family caregivers should be an important part of Nebraska's long-term care policy, said Mark Intermill, advocacy director for AARP Nebraska.
"Caregiving can be a very difficult endeavor. It exacts a financial, social and emotional cost," he said. "As a society and as taxpayers, we benefit from the services that caregivers provide. A tax credit will allow caregivers to obtain respite or other services that may help ease their burden."
Family caregivers play a critical role in delaying and in some cases preventing admission to expensive nursing facilities, Intermill said. The cost of long-term care in a nursing home is typically covered by Medicaid once people exhaust their finances and become eligible for the program. On average, institutional long-term care is three times the cost of in-home care.
Serving more than 205,000 members in Nebraska, AARP is a nonprofit, nonpartisan membership organization that helps people 50+ have independence, choice and control in ways that are beneficial and affordable to them and society as a whole.
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(CONTACT: Devorah Lanner, (402) 323-5425 or email@example.com Mark Intermill, (402) 323-5424 or firstname.lastname@example.org)