Make adoption costs fully refundable in the 2012 & 2013 Tax Years

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 $13,360 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 $12,360 for 2012 returns only

The 2012 Tax Credit will not be refundable for adoptions initiated after 2011, which means a large number of families may not be able to get any of the $25k- $35k back and possibly prevent people from adopting a child at all.

In 2013 it will revert back to a maximum tax credit of $6,000 for parents adopting children with special needs, and there will be no adoption tax credit available for all other adoptive parents beginning in tax year 2013.

We are petitioning to make the adoption tax credit permanent and refundable, so that more money is available to families allowing them provide a financially stable home to the adopted child.

To learn more and sign this petition click here.

To read two great adoption stories from COTP visit here and here.