Posted by: icmadoptionnetwork | May 29, 2013

Adoption Tax Credit Update

As most of you are aware, on January 2nd of this year, the Adoption Tax Credit was made permanent, but non-refundable. This was one huge step for adoptive families and adoption advocates! However the work is not done. Adoption advocates and state representatives are now fighting to make the Adoption Tax Credit refundable.

In February, the House announced the formation of 11 Congressional Tax Reform Working Groups. Each of these groups were given a specific topic to research in regards to tax reform. The results of this group and the studies they will be compiling will be used to reform current tax policy. One of the eleven groups is The Adoption Tax Credit Working Group. In April this working group provided feedback and recommendations to the House.

Last week, before the holiday weekend, bills were introduced in both the House and the Senate that would make the Adoption Tax Credit refundable. In the Senate, the Adoption Tax Refundability Act (S. 1056) was introduced by Senator Casey (D-PA), Senator Landrieu (D-LA), and Senator Blunt (R-MO). The House bill, H.R. 2144, was introduced by Representative Braley (D-IA).

This is wonderful news for the adoption community! Please contact your state representatives and advocate for these bills.

If you would like more information on the specific details of the current Adoption Tax Credit, you can do a short, one hour training through Adoption Learning Partners. Here is the link to their online training: http://www.adoptionlearningpartners.org/catalog/courses/adoption-tax-credit.cfm.

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