Caregiver Assistance and Relief Effort Act of 2006 or the CARE Act of 2006 - Amends the Older Americans Act of 1965 to increase and extend, through FY2006, the authorization of appropriations for the national family caregiver support program, including caregiver support programs for Native Americans.
Amends the Internal Revenue Code to: (1) allow caregivers a tax credit for family members with long-term care needs; (2) allow a tax deduction for long-term care insurance premiums; and (3) apply certain consumer protection provisions to long-term care insurance contracts.