Congress approves extension, expansion of Adoption Tax Credit
Tucked deep inside the Health Care Reform bill signed into law by President Obama is a temporary extension and expansion of the Adoption Tax Credit originally enacted by President Bush in 2001. This increase applies to both non-special needs adoptions and special needs adoptions.
This is great news for families already seeking to adopt as well as those families that may be considering adoption as it will help defer some of the the costs of adoption, which can run as high as $40,000.00.
Specifically, the provisions contained in the health care bill include:
The full text of the amended language begins on page 903 of the Health Care Reform Bill (PDF).