Oklahoma will be the first state in the nation to adopt an expansive caregiver tax credit following the Caring For Caregivers Act becoming a law in June.
Lawton Republican Senator John Michael Montgomery was one of the primary authors of the bill.
Montgomery says this law will help ease the burden of many who care for family members.
“You know, this helps ease that pain a little bit, just kind of one of those pain points and I think overall it’s just ultimately going to be a great benefit for Oklahomans to, who want to, who are able and want to care for those family members.”
Montgomery says while this helps families, it can also help the state as well.
“And quite frankly there’s benefit to the state in some way here, you know there’s potential reduction in Medicaid usage in particular and it just kind of helps with some of our systemic challenges with nursing home care and how it is.”
This law will allow a tax credit up to 50% of eligible caregiver costs capped at 2,000 dollars per year for most participants and 3,000 dollars a year for those caring for veterans or people with a dementia related diagnosis.
According to an AARP Survey, 93% of Oklahoma family caregivers pay out of pocket expenses for transportation, medical equipment, home modifications, hire in home support services, and respite services.
The law will officially go into effect January 1stt 2024.
Tammy West Celebrates Caring for Caregivers Act Becoming Law (okhouse.gov)
