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AARP California Thanks Representative Jimmy Panetta for Championing Financial Relief for Family Caregivers - the Credit for Caring Act

Posted on 03/26/25

FOR IMMEDIATE RELEASE
March 26, 2025

MEDIA CONTACT:
Shea Zerbino
408-666-8347
szerbino@aarp.org

AARP California Thanks Representative Jimmy Panetta for Championing Financial Relief for Family Caregivers Through Co-Sponsorship of the Credit for Caring Act.

MARCH 26, 2025— AARP California 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 Representative Jimmy Panetta, offers up to a $5,000 nonrefundable federal tax credit to help offset caregiving expenses, addressing 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 Nancy McPherson, AARP California State Director. “The Credit for Caring Act represents an investment in our families, our economy, and our values. We thank Representative Panetta 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 4.4 million Californians 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 California, they contribute an estimated 4.1 billion 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.

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About AARP
AARP is the nation's largest nonprofit, nonpartisan organization dedicated to empowering Americans 50 and older to choose how they live as they age. With a nationwide presence, AARP strengthens communities and advocates for what matters most to the more than 100 million Americans 50-plus and their families: health security, financial stability and personal fulfillment. AARP also works for individuals in the marketplace by sparking new solutions and allowing carefully chosen, high-quality products and services to carry the AARP name. As a trusted source for news and information, AARP produces the nation's largest circulation publications, AARP The Magazine and AARP Bulletin. To learn more, visit www.aarp.org/about-aarp/, www.aarp.org/español or follow @AARP, @AARPenEspañol and @AARPadvocates on social media.

This story is provided by AARP California. Visit the AARP California page for more news, events, and programs affecting retirement, health care, and more.

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