The recently approved Oklahoma Caring for Caregivers Act could award hundreds of Americans up to $3,000 in tax credits. Lawmakers advise eligible people to save their receipts to use the new bill’s funding. The legislation, intended to help caregivers of elderly relatives, targets those who require financial aid for home upgrades for health or mobility.
Families Can Use Tax Credits for Elderly Care and Equipment
Tax credits can also be used to buy family-friendly equipment. The direct payment can include aides, respite, adult day, personal attendants, and technology for home health care. The law aims to make it easier for families to care for elderly loved ones, especially those over 62 who need help with at least two daily tasks like ambulating, feeding, personal hygiene, clothing, continence, and toileting.
After caring for her grandparents, Representative Tammy West highlighted the emotional, physical, and financial energy needed to keep elderly loved ones at home. The tax credit is set at $2,000 for regular people but $3,000 for veterans and dementia patients. Currently, qualifying taxpayers receive $1,500,000 from the Parental Choice Tax Credit, which is expected to rise to $200 million by 2025.
West advises constituents to use the bill and save receipts to estimate first-year financing needs. The funds help caretakers and improve older family members’ lives.
IRS Raises 2024 Tax Brackets to Offset Inflation, Offers Support for Caregivers
The IRS’s 2024 tax bracket revisions raise taxes by 5.4%. From January, federal income tax brackets and basic deductions will rise, helping taxpayers cope with inflation. The IRS attempts to keep Americans’ purchasing power despite inflation.
For those helping older family members, the Oklahoma Caring for Caregivers Act offers tax incentives and encourages receipt saving for financial support. This is part of broader IRS measures to help taxpayers cope with inflation.