Wednesday, March 24, 2010

Washington got one right

The much maligned bill that President Obama signed into law yesterday did have one very good element, which was extending the adoption tax credit through 2011. This tax credit has played a huge roll in allowing Sara and I to adopt both Parker, Lleyton, and sometime down the road Baby Sister, so we are very happy to see that it has not only been extended, but also improved.

Here is a statement that was released today from the Joint Council of International Children’s Services:

Joint Council is pleased to confirm that the Adoption Tax Credit (ATC), which was scheduled to expire in 2010, was extended for one-year (through December 31, 2011). The highlights of the ATC are;

• The maximum credit was increased from $12,150 to $13,170,

• The ATC is now retroactive to January 1, 2009. This represents a potential increase of $1,000 for adoptive families.

• The ATC was made refundable. If a family has no tax liability, the IRS will refund the amount due.

The extension of the ATC through 2011, was passed as part of the health care reform bill which was signed into law by President Obama on Monday, March 22, 2010. There was some concern that the ATC would be included in the reconciliation process, however we have confirmed that it is not part of reconciliation. This means that the ATC is law until December 31, 2011.

Joint Council along with many other advocates and adoptive families have long advocated for making the ATC permanent. We applaud Congress and the Obama administration for the extension and continue to call for a permanent tax credit.

The ATC is a critically important element in finding permanent families for children in the U.S. foster care system and the children of our world, who live without permanent parental care. The ATC makes adoption a viable option for many families who may otherwise be unable to afford to adopt. We again applaud the extension and improvements to the Adoption Tax Credit.

As much time as I spend watching Fox News and agreeing with most of what is said, I must say that it is nice to see that Washington got this part of the bill right (not sure what it has to do with a healthcare, but we will take it however we can get it).

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