Today President Barack Obama signed the Health Care Reform bill. The bill includes some provisions that are of particular interest to adoptive parents, particularly those who adopted in 2009 or will adopt in 2010 and beyond.
As part of the Health Care Reform Bill the Adoption Tax Credit has been increased for 2010 to $13,170 and is retroactive to January 1, 2010. The credit has not been increased for 2009. It is $12,150 for 2009. Also, the tax credit has been extended to December 31, 2011. One of the biggest changes is that the credit is refundable as of Jan. 1, 2010. This means that even if you owed and paid less tax than the credit you will get the full amount of the credit refunded to you as part of your tax refund. Please be sure to check with a tax advisor about this information.
This is a huge relief for adoptive parents who are waiting for a placement, and an unexpected gift for those who had a placement in 2009. We encourage you to let your congressional representatives know how you feel about the increased Tax Credit and the extension.
Pingback: uberVU - social comments