Please help us save the adoption tax credit for 2012 - 2013. For many families the cost of an expensive adoption is what keeps them from bringing home a child - this tax credit helps alleviate some of the cost, but in 2012 it starts to diminish. The Senate Finance Committee is about to vote on "S. 82, the Adoption Tax Credit Guarantee Act" and we are petitioning for them to vote YES to save the adoption tax credit.
ABOUT THE CREDIT:
The average cost to adopt a child is any where from $25k- $35k or more. Currently, for the 2011 Tax Year Adopting families are eligible for:
• A maximum of $13,170 for 2011 returns • Fully refundable as long as the adoption is initiated in 2011 or before, and finalized before the end of 2012 (domestic) or was finalized in 2011 (international)
But in 2012 the Tax Credit is going to change: • A maximum of $12,170 for 2012 returns only, non-refundable
In 2013 it all goes away, no tax credit at all.
We are working with politicians and petitioning to extend the tax credit as currently stated in the Patient Protection and Affordable Care Act, so that more money is available to families allowing them provide a financially stable home to the adopted child.
1. To help save the credit, it only takes a minute. Visit this website & add your name to the petition:
2. Please consider sending this letter to your adoptive families, as they will be greatly impacted by the success or failure to keep the adoption credit.