AARP Oklahoma Thanks Rep. Tom Cole for Championing Financial Relief for Family Caregivers Through Co-Sponsorship of the Credit for Caring Act

AARP Oklahoma commends the reintroduction of the Credit for Caring Act, legislation that would provide financial relief to eligible working family caregivers. The bill, co-sponsored by Rep. Tom Cole, offers up to a $5,000 nonrefundable federal tax credit to help offset caregiving expenses. It addresses the significant personal and financial sacrifices caregivers make to support their loved ones. On average, family caregivers spend over $7,200 annually—26% of their income—on out-of-pocket expenses.

“Family caregivers play an essential role in supporting their loved ones and keeping our communities strong, yet they often face steep personal and financial challenges,” said AARP Oklahoma State Director Sean Voskuhl. “The Credit for Caring Act represents an investment in our families, our economy, and our values. We thank Representative Cole for co-sponsoring the bill and we urge Congress to pass this legislation to ease the challenge on family caregivers and help them continue their vital work.”

More than 490,000 Oklahomans are caregivers who dedicate themselves to caring for aging parents, spouses, and others in need, enabling them to remain in their homes and communities. However, caregiving often comes at a steep personal cost. Sixty-one percent of family caregivers nationwide work either full- or part-time, but many have had to cut back on work or leave their jobs, sacrificing income, retirement savings, and financial security.

The Credit for Caring Act addresses these challenges by providing a nonrefundable federal tax credit of up to $5,000 for specific caregiving-related expenses, such as home care aides, adult day services, home modifications, and respite care.

Caregivers provide immense economic value by delaying or avoiding costly institutional care. Collectively in Oklahoma, they contribute an estimated 460 million hours of unpaid care annually. 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.