Jason Kovacs:
We praise God that the American Taxpayer Relief Act of 2012 (the bill to avert the fiscal cliff) made the adoption tax credit permanent!
Our friends at the Congressional Coalition on Adoption Institute posted this today:
The bill permanently extends the increased adoption tax credit and the adoption assistance programs exclusion. Taxpayers that adopt children can receive a tax credit for qualified adoption expenses. A taxpayer may also exclude from income adoption expenses paid by an employer. The Economic Growth and Tax Relief Reconciliation Act of 2001 increased the credit from $5,000 ($6,000 for a special needs child) to $10,000, and provided a $10,000 income exclusion for employer-assistance programs. The Patient Protection and Affordable Care Act of 2010 extended these benefits to 2011 and made the credit refundable. The bill extends for taxable years beginning after December 31, 2012, the increased adoption credit amount and the exclusion for employer-assistance programs as enacted in EGTRRA.
There are still questions about the credit becoming refundable and some have encouraged people to contact congress to push for this.
2 comments:
"Refundable tax credit" = welfare payment.
Just so we're clear that this group is asking for a government subsidy.
"Government subsidy". Yes, it is. This government subsidy is cheaper than leaving children in the foster care system for two decades at government expense. The children also [generally] have a better life than being passed from family to family. With stability, they will be more able to function in society and contribute more to the world at large.
It's about time that the government subsidizes family values instead of clean energy that is a waste of money.
By the way, every time you purchase milk, you benefit from government subsidies. The price of milk should be double, but congress also passed the milk subsidy with this bill.
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