Thursday, March 1, 2012

Please Help Those that are Adopting!

We all know adoption can be expensive, did you know the Federal Adoption tax credit is set to expire? The current adoption tax credit is just over $13,000 and is refundable.2013 Only families who adopt special needs children from foster care will be eligible for up to $6,000 in the adoption tax credit. However, the credit will be based on expenses so families would need to have qualified adoption expenses to claim any credit. The credit will not be refundable, so families can benefit only if they have federal income tax liability. The income limits for the credit will also be reduced significantly in 2013, meaning that families with higher incomes will not benefit.The adoption credit was made permanent for special needs adoption when the credit was first created. Credits for other adoptions are time limited and are scheduled to end by December 31, 2012.Many of us cannot afford to complete our adoptions without this tax credit. Please sign the petition and contact your senators and representatives. Ask friends to sign. The website has a link to post it to your facebook. Just over 3,000 more signatures are needed.


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