Whether or not you are happy with the Health Care Reform Bill, it included some great news for adoptive families (and potential adoptive families). The Adoption Tax Credit, which had been scheduled to end this year, has now been extended and even increased.
Here is a summary:
-The current adoption tax credit has been extended until the end of 2011
-The value of the adoption tax credit has been increased by $1,000 from $12,170 to $13,170.
-The increase is "retroactive," meaning that any adoption occurring after January 1, 2010 is eligible for this higher credit.
-The credit is now refundable. This means that even families that owe zero taxes can receive the full tax credit in the form of a tax refund to help with their adoption-related expenses in the first year.
For more information, check out the Christian Alliance For Orphans blog
If you have ever considered adoption but thought you could not afford it, you might be wrong! This is truly amazing, incredible news for adoptive families and I pray that this opens the door for more families to adopt and more orphans to be welcomed into loving families.
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