Adoption Tax Credit Modified to Better Impact Lower Income Families Adopting Children in Foster Care
For more than a decade, there has been a tax credit for expenses of adoption.
In theory, the idea behind the tax credit was to encourage adoption of children out of foster care.
But, in reality, eighty percent of the credits went to those adopting privately.
The re-worked adoption tax credit now affords a tax refund to the many adopting families who don’t earn enough income or otherwise have enough tax liability to get the full benefit of the tax credit (approximately $13,000).
Although foster care adoption itself costs less than private adoptions, many of the adoptees have special needs that may cost their adoptive families more over time.
Child welfare agency workers now need to get the word out about the revamped adoption tax credit.
Read more in this Columbus [OH] Dispatch article: Adoption credit expanded.
