AARP Ohio Commends Bill Sponsored by U.S. Representative Mike Carey

Credit for Caring Act Would Offer Financial Relief for Family Caregivers

AARP Ohio commends the reintroduction of the Credit for Caring Act, legislation that would provide financial relief to eligible working family caregivers in Ohio and throughout the nation.

Sponsored by U.S. Representative Mike Carey (R-OH-15), the Credit for Caring Act offers up to a $5,000 nonrefundable federal tax credit to help offset family caregiving-related expenses, such as home care aides, adult day services, home modifications and respite care.

“We know that families want to support their loved ones through illness, disability and aging in place. The Credit for Caring Act offers relief to caregivers, allowing them to prioritize their loved ones and worry less about the effects on their family budget,” Rep. Carey said. “This tax credit would offset costs American families have to bear to care for their loved ones and provides flexibility to care for them in the way that works best for their family’s situation. I hope my colleagues join me in the effort to pass it.”

Family caregivers spend on average more than $7,200 annually—26% of their income—on out-of-pocket expenses.

"This crucial legislation offers much-needed financial relief for the invaluable contributions of family caregivers, who often sacrifice their own financial stability to care for loved ones, while juggling work and caregiving responsibilities,” said AARP State Director Jenny Carlson, a family caregiver herself.

“This act also represents a significant step towards supporting our aging population and ensuring that families can continue to provide high-quality care at home. It also benefits employers by reducing the financial strain on employees who balance work and caregiving responsibilities, leading to a more productive and engaged workforce.

We urge Congress to pass this vital legislation, which will have a profound impact on the well-being of families, the economy and the overall health of our communities," said Carlson.

Ohio’s family caregivers provide 1.4 billion hours of care and up to $21 billion in unpaid labor per year caring for aging parents, spouses, and others in need so that they can remain in their homes and communities. Nearly one in four of these family caregivers are millennials (currently age 28 to 43) and 40% of them are men.

This often comes at a steep personal cost, however. Sixty-one percent of family caregivers nationwide work either full- or part-time, with many having to cut back on work or even leave their jobs, sacrificing income, retirement savings, and financial security. An AARP analysis estimates that if caregivers aged 50 and older received better workplace support, the U.S. GDP could grow by an additional $1.7 trillion in 2030.

“Family caregivers play an essential role in supporting their loved ones, yet they often face steep personal and financial challenges. We thank Congressman Carey for sponsoring this important legislation, and we urge Congress to pass this legislation to ease the challenge on family caregivers and help them continue their vital work,” Carlson said.