From Adoptive Families Magazine -
Parents who finalized an adoption in 2010 may claim a maximum credit of $13,170 for adoption expenses. The credit is now refundable, allowing lower-income families to claim it. If a family’s “qualified expenses” (adoption fees, legal fees, traveling expenses, and so on) exceed their tax liability, they will receive the difference in the form of a tax refund.
Showing posts with label adoption tax credit. Show all posts
Showing posts with label adoption tax credit. Show all posts
Wednesday, March 16, 2011
Wednesday, March 24, 2010
Adoption Tax Credit Extended and Improved
From the Be the Answer blog (http://betheanswerforchildren.wordpress.com/ ) -
Joint Council is pleased to confirm that the Adoption Tax Credit (ATC), which was scheduled to expire in 2010, was extended for one-year (through December 31, 2011). The highlights of the ATC are:
The extension of the ATC through 2011, was passed as part of the health care reform bill which was signed into law by President Obama on Monday, March 22, 2010. There was some concern that the ATC would be included in the reconciliation process, however we have confirmed that it is not part of reconciliation which means the ATC is law until December 31, 2011.
Joint Council along with many other advocates and adoptive families have long advocated for making the ATC permanent. We applaud Congress and the Obama administration for the extension and continue to call for a permanent tax credit.
The ATC is a critically important element in finding permanent families for children in the U.S. foster care system and the children of our world, who live without permanent parental care. The ATC makes adoption a viable option for many families who may otherwise be unable to afford to adopt. We again applaud the extension and improvements to the Adoption Tax Credit.
Joint Council is pleased to confirm that the Adoption Tax Credit (ATC), which was scheduled to expire in 2010, was extended for one-year (through December 31, 2011). The highlights of the ATC are:
- The maximum credit was increased from $12,150 to $13,170,
- The ATC is now retroactive to January 1, 2009. This represents a potential increase of $1,000 for adoptive families.
- The ATC was made refundable. If a family has no tax liability, the IRS will refund the amount due.
The extension of the ATC through 2011, was passed as part of the health care reform bill which was signed into law by President Obama on Monday, March 22, 2010. There was some concern that the ATC would be included in the reconciliation process, however we have confirmed that it is not part of reconciliation which means the ATC is law until December 31, 2011.
Joint Council along with many other advocates and adoptive families have long advocated for making the ATC permanent. We applaud Congress and the Obama administration for the extension and continue to call for a permanent tax credit.
The ATC is a critically important element in finding permanent families for children in the U.S. foster care system and the children of our world, who live without permanent parental care. The ATC makes adoption a viable option for many families who may otherwise be unable to afford to adopt. We again applaud the extension and improvements to the Adoption Tax Credit.
Tuesday, July 7, 2009
Adoption Tax Credit Set to Expire 1/1/2011
Planning on using the tax credit for adoption? Help petition your representatives for their support of The Adoption Tax Relief Guarantee Act of 2009 so that the adoption credit is available for you and others that are in the process of adoption.
The Adoption Tax Relief Guarantee Act of 2009 (Bill HR 213) was introduced in the House
January 6, 2009 and has now been referred to the Committee on Ways and Means.
By repealing the designated termination of the Economic Growth and Tax Relief Reconciliation
Act of 2001, the Adoption Tax Relief Guarantee Act of 2009 would make permanent a tax
credit of up to $10,000 for expenses relating to certain domestic and international adoptions.
Under current law, the credit will expire January 1, 2011.
It only takes a few minutes to write, call, or email your government representatives asking for
their support of The Adoption Tax Relief Guarantee Act of 2009. Let them know how much
you and other families rely on this credit when giving the hope of a family and home to a child.
Visit the following websites to find your representative/senator and where to contact them.
Mailed submissions (with a live signature) tend to have more impact than electronic or verbal
petitions, although any action is helpful!
Contact your Representative:
https://writerep.house.gov/writerep/welcome.shtml
Contact your Senator:
http://www.senate.gov/general/contact_information/senators_cfm.cfm
The Adoption Tax Relief Guarantee Act of 2009 (Bill HR 213) was introduced in the House
January 6, 2009 and has now been referred to the Committee on Ways and Means.
By repealing the designated termination of the Economic Growth and Tax Relief Reconciliation
Act of 2001, the Adoption Tax Relief Guarantee Act of 2009 would make permanent a tax
credit of up to $10,000 for expenses relating to certain domestic and international adoptions.
Under current law, the credit will expire January 1, 2011.
It only takes a few minutes to write, call, or email your government representatives asking for
their support of The Adoption Tax Relief Guarantee Act of 2009. Let them know how much
you and other families rely on this credit when giving the hope of a family and home to a child.
Visit the following websites to find your representative/senator and where to contact them.
Mailed submissions (with a live signature) tend to have more impact than electronic or verbal
petitions, although any action is helpful!
Contact your Representative:
https://writerep.house.gov/writerep/welcome.shtml
Contact your Senator:
http://www.senate.gov/general/contact_information/senators_cfm.cfm
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