Adoption Tax Credit Update

On January 1, 2013, Congress passed the American Taxpayer Relief Act.  Part of this act includes the Adoption Tax Credit, initially put into effect in 2001.  The act will make the Adoption Tax Credit permanent, though not refundable as it was in 2011.  It appears that families will be able to file for the tax credit for an amount between $10,000 and $13,000, and apply the credit towards their federal tax liability.

The Act is awaiting signature by President Obama and details about how this will apply to the Adoption Tax Credit are yet to be released.  However, it looks like good news for adoptive families of 2013 and beyond!

The complete language of the American Taxpayer Relief Act is available here.

Comments are closed.