Friday, February 1, 2013

Adoption Tax Credit Made Permanent

Marlon and I wanted to share a nice letter that we received yesterday from our senator, Charles Schumer, in response to our plea to save the adoption tax credit.

Hooray, the tax credit was made permanent, however, it is not a refundable credit as previous years. That means that only those individuals with tax liability will benefit from the credit. It's something though and we are grateful.  This tax credit makes adoption affordable to most families.  Thank you all for emailing or calling your local representative just because we asked you to.

If you'd like more details about the adoption tax credit, click here. The Adoption Tax Credit organization has some up to date information about the bill that was passed.

Here's our letter from Senator Schumer:
     Thank you for writing to voice your concern over the expiration of the Adoption Tax Credit.  Like you, I believe that it is important to preserve this credit as a resource for families wanting to provide a child with a loving home.
     As you know, the Adoption Tax Credit is a federal tax credit established in 1997.  It helps offset the costs of adopting children, other than stepchildren, both domestically and internationally. In 2010 over 97,000 people took advantage of the credit to adopt children who deserve loving families. The credit was set to expire on December 31st, 2012.
     The expanded Adoption Tax Credit was made permanent as part of the “fiscal cliff bill”, also known as the American Taxpayer Relief Act of 2012 (HR. 8), that was signed into law on January 2nd, 2013. I made sure that this tax credit, along with others that support middle class families, was included in this legislation before I supported its passage. An eligible family can still receive up to $12,650 from this credit per adoption process. As a member of the Committee on Finance, I will keep an eye on any and all proposed changes to the Adoption Tax Credit.
     Again, thank you for contacting me regarding this important issue.  Please feel free to contact me in the future if I can be of further assistance on this or any other matter.
Charles E. Schumer
United States Senator

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