We recently touched on the changes to the 2012 adoption tax credit in our blog post on the “Top Adoption Stories of 2011,” and here is a petition that is asking the federal government to reverse these changes and revert back to the 2011 regulations.
For those who finalized their adoption in 2011, you are eligible for a refundable tax credit of up to $13,360. 2012 is scheduled to be the last year of the tax credit and the maximum credit received will decrease to $12,650. The other important change is that the 2012 credit is not refundable, which means the only people eligible for this credit are those that will owe the government money at the end of the fiscal year. After 2012 the credit will cease to exist.
The petition, which is being hosted on change.org, states that its goal is to “extend the credit as it currently stated in the Patient Protection and Affordable Care Act, so that more money is available to families allowing them to provide a financially stable home to the adopted child.”
Adoption STAR is always looking for ways to make adoption as affordable as possible for all of our clients. One of the best ways for prospective adoptive parents to afford adoption is to take advantage of the adoption tax credit. If you would like to see the tax credit stay if effect, please sign the petition here.