Update: January 4, 2013
Congress voted this week to make the Adoption Tax Credit permanent.
RESOLVE is part of the Executive Committee of the Adoption Tax Credit Working Group and several members have been working hard this week to understand the bill language and what it actually means for all of us. We are still digging, and I encourage you to stay tuned to the “Save the Adoption Tax Credit” Facebook page or website as we will post updates as we know them and can verify them. But we should all be very proud of the hard work, letters and calls to Congress, and outreach on this important tax credit. Families will be able to use this credit now to build their families without fear that it will expire.
Background:
The Adoption Tax Credit was established in 1997 and has evolved and strengthened over the years. The current Adoption Tax Credit is set to “sunset”, or expire, on December 31, 2012. RESOLVE supports the Adoption Tax Credit and encourages the infertility community to support its continuation. Specifically, RESOLVE supports the following priorities for the Adoption Tax Credit:
Inclusive: Children, whether adopted from foster care, through intercountry adoption, or through private domestic adoption should be able to benefit from the adoption tax credit.
Permanent: The adoption tax credit should become a permanent part of the tax code to ensure continued support to those who bring children into families through adoption.
Refundable: The adoption tax credit should be refundable to ensure that families with moderate and lower incomes receive the full benefit of the credit.
Flat for Special Needs: All families who adopt a child with special needs should be eligible for a “flat” tax credit, meaning they can claim the maximum credit without documenting expenses. This distinction, which is already in current law, recognizes the fact that many of the expenses associated with adopting children with special needs show up after an adoption is finalized.
RESOLVE is proud to be a member of the Adoption Tax Credit Working Group Executive Committee. The Adoption Tax Credit Working Group is a national collaboration of organizations and individuals that have united to support the cause of adoption by advocating for the adoption tax credit. We know the adoption tax credit is an important resource to help children find forever families and make adoption affordable for all.
Take Action and help us save the adoption tax credit. Click here to download the Adoption Advocacy Kit. Contact your Congressmen today and tell them to support HR 4373 and S 3616.
On April 17, Rep. Bruce Braley (D-IA) introduced the Making Adoption Affordable Act HR 4373. This is the first legislation introduced that would accomplish all of the goals of the Adoption Tax Credit Working Group. The bill would set the adoption tax credit at $13,360 and make it refundable and permanent. Read U.S. Representative Braley's Press Release.
Current Co-sponsors as of 12/11/2012:
On September 21, Senator Mary Landrieu introduced S 3616, a bill to amend the Internal Revenue Code of 1986 to make permanent the expansion of tax benefits for adoption enacted in 2001 and to permanently reinstate the expansion of tax benefits for adoption enacted in 2010, and for other purposes. It has been sent to the Finance Committee for review. Read Senator Landrieu's Press Release.
Current Co-sponsors as of 12/11/2012: