If Congress doesn’t act quickly the adoption tax credit, which has made it possible for millions of Americans to adopt, will expire at the end of the year.
The adoption tax credit, first introduced in 1997, has been a powerful tool in helping adoptive families offset some of the costs incurred while in the process of adopting. Although the adoption tax credit has undergone various changes over the years, the underlying goal has remained the same; to offset the costs. In turn this has promoted and encouraged both domestic and international adoptions and has assisted families who may otherwise not have been able to afford the high cost of adoption.
If Congress doesn’t act soon, the adoption tax credit will expire on Dec. 31, 2012. If this happens, most adoptive families will lose the tax credit. Let’s hope that Congress does extend the credit as it has been a beneficial tool for many families.
Contact our office to speak to an adoption attorney about this topic at 732-797-1600.