Feb. 2, 2007
According to a 2005 survey done by Adoptive Families, the average cost of adoption ranges from $20,000 to $25,000 a significant amount of money for many working-class families wishing to adopt a child. To alleviate this problem, an adoption tax credit was first instated in 1994 and later renewed in 2001. Along with the renewal of the tax credit adoption in 2001, the tax credit benefits associated with adoption were expanded, providing up to $10,000 in qualified tax credits to adoptive families.
Unfortunately, the 2001 renewal of the adoption tax credit is scheduled to expire in 2010. In anticipation of this approaching expiration date Rep. Joe Wilson (R-SC) has introduced a new measure, H.R. 471, which will make the current $10,000 adoption tax credit permanent. Congressman Wilson is optimistic about the prospects for passage of the bill, especially given the co-sponsorship of Ways and Means Committee Chairman Charlie Rangel, a New York Democrat. If passed, the measure would provide adoptive families with a tax credit of up to $10,000 for expenses pertinent to both domestic and international adoptions. Further provisions of the measure also allow an employer to offer up to $10,000 in adoption expenses which will be excluded from income.
To emphasize the importance of H.R. 471, Wilson circulated a letter to his fellow representatives, saying, While some aid is available, the financial strain adoptive families undergo cannot be overstated. Along with Rep. Wilson, we lend our full support to this measure a measure we believe will assist in helping loving families afford adoption. Write your Congressman and Senators and let them understand just how important H.R. 471 is to you.