Adoption Tax Credit Expiring
Hello blog friends! I’ve been away from blogging for a couple weeks but plan to get back to it soon. For now, I want to just pass on some information I saw today regarding the adoption tax credit.
For more information please go to www.adoptioncouncil.org and for the specific tax information you can click on this link http://www.adoptioncouncil.org/documents/AdoptionAdvocate21.pdf
The adoption tax credit as provided for in the 2001 legislation is set to sunset in tax year 2010 unless it is renewed by Congress. If it expires, the maximum tax credit for the adoption of children with special needs would decrease to $6,000 per child, with the credit for adoptions of non-special needs children expiring altogether. Several bipartisan proposals have been introduced in both the House and Senate that could extend the adoption tax credit. S 2816 and HR 213, introduced in the Senate by Sen. Jim Bunning and Sen. Ben Nelson and in the House of Representatives by Rep. Joe Wilson, would make the tax credits permanent and expand the current credit.