The recently passed Oklahoma Caring for Caregivers Act may qualify hundreds of Americans for $3,000 tax credits.
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Oklahoma Law Offers Financial Aid to Caregivers of Elderly Relatives
The law helps caregivers of elderly relatives financially. Eligible clients need funding for home modifications for senior relatives’ health or mobility. Credits can also cover daily-use items. Direct payments can include aides, respite, adult day, personal attendants, and technology for home health care.
The tax credit is for caregivers of family members 62 or older who need help with at least two daily tasks, such as ambulating, feeding, personal hygiene, clothing, continence, and toileting. Representative Tammy West said the state wants to help families care for their loved ones.
Most residents receive a $2,000 tax credit, but veterans and dementia patients might earn $3,000. Representative Tammy West wrote the measure to highlight the physical, emotional, and financial obstacles of caring for aging family members at home, inspired by her own experience with her grandparents.
Oklahoma’s Caring for Caregivers Act: Tax Relief and Support for Elderly Care
A maximum of $1,500,000 is now available to qualifying taxpayers. These monies come from the $150 million Parental Choice Tax Credit, which will climb to $200 million in 2025. West advises constituents to use the bill and preserve receipts to evaluate its first year.
After the IRS announced a 5.4% tax bracket increase for 2024, more incomes received relief. In January, federal income tax brackets and basic deductions rise, protecting more paychecks from taxes. The revisions attempt to reduce inflation’s impact on purchasing power, benefiting more people.
The Oklahoma Caring for Caregivers Act may provide tax credits to hundreds of Americans caring for aging family members. Home modifications and daily equipment are covered by the credits, and funding needed for caregiver services. This initiative supports broader efforts to help families care for aging relatives.
