The Federal Adoption Tax Credit Set to Expire

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MatthewS
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Joined: 10/29/2008
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From the Facebook "Save the federal Adoption Tax Credit" group page:

For many families, the federal Adoption Tax Credit makes intercountry and domestic adoption a realistic option. The costs associated with adoption are staggering, but the federal credit provides real financial relief. Families who have compled an adoption can apply for the credit on that year's income tax return and carry forward the credit for up to five years untli the full credit is returned to the family (assuming the family's qualified adoption expenses equal or exceed the credit, which is almost always the case).

The current form of the Adoption Tax Credit was introduced as part of the Economic Growth and Tax Relief Reconciliation Act of 2001. The credit for 2009 is $12,150, but it is set to expire in December 2010 with the sunset of the tax relief reconciliation act. This is why we must act to encourage Congress to either repeal the sunset clause as it relates to the adoption tax credit or extend the credit independently.

Please consider helping and joining the group to ensure that this vital tax credit doesn't go away and stifle adoptions.