We've talked about it before. The Adoption Tax Credit.
The unfortunate truth is that adoption can be quite expensive, with the average cost ranging between $25-$35,000. The adoption tax credit, as it exists now, is a refundable credit of up to $13,170 for qualifying adoption expenses incurred during the process for all adoptions finalized before the end of 2011 for international adoptions, or 2012 for domestic adoptions.
This tax credit is what has helped many families afford adoption.
In 2012, the tax credit will change though, making it more difficult to fund the high cost of adoption. Starting in 2012, the credit will no longer be refundable, and in 2013 the credit goes away entirely. According to the Washington Times "Congress must extend the tax credit this year and if it does not, the
credit will disappear. Currently, there is no serious legislation on the
table that will extend this important credit."
Please consider signing THIS PETITION to extend the tax credit as it currently reads in the Patient Protection and Affordable Care act.
For more information:
Tax refund from the IRS for adoptive families in 2012
Guest Post – The Adoption Tax Credit: What You Need to Know