Adoption tax credit extended!

The results of the Fiscal Cliff negotiations that took place this week leave me anything but cheery about our future.

But there is a silver lining.

Part of the Taxpayer Relief Act which is soon to become law is the provision for an extension of the adoption tax credit. This is huge relief for families hoping to adopt as it can offset the cost of an adoption by $10,000 and can be scaled for inflation, potentially bringing it near the 2012 amount of $12,650. This is applicable for families making $150,000 or less and can be applied to both special needs and non-specials needs adoptions. The legalese is here for those interested and/or who speak that language.

Praise God!

This tax relief is a huge deal for families who hope to adopt. Not just a few families we know were waiting for this news before determining whether they could take that all important first step.