Adoption, whether international or domestic can be a struggle for our bank accounts. There are so many third parties and documentation that is required to be completed for an adoption, as well as other factors, which drives up the cost of adoption. In an effort to assist adoptive families, there are three senators that are working together introducing a bipartisan bill that will make adoption more affordable for families in the United States.
Republicans Roy Blunt and James Inhofe and Democrat Bob Casey have teamed up to announce the Adoption Tax Credit Refundability Act. This will make the current adoption tax credit 100% refundable for adoptive families. This legislation is intended to safeguard families financially by providing them more of an advantage, allowing them to adopt without the financial burden often seen as an obstacle in international and domestic adoption.
Senator Roy Blunt poignantly stated, “Over 100,000 children are waiting for adoption into a family who can give them the loving home they deserve. This bipartisan bill will restore the refundability portion of the tax credit to make adoption more affordable for hardworking families. I urge my colleagues to join me in this effort to make adoption a more viable option for parents who are eager to welcome a child into their home.”
The Adoption Tax Credit went into effect in January of 2013 as part of the American Taxpayer Relief Act. Though this tax credit benefited to a point, the law did not cover the refundability distribution that goes along with the adoption tax credit. This act will provide the refundable portion to the tax credit so that families can be supported through their adoption journey.
Senator Bob Casey stated, “It is a common misconception that only wealthy families adopt. We must do all we can do to ensure that all children are afforded the opportunity to grow up in a permanent, loving home. This legislation is a commonsense approach to improve lower-income families’ ability to adopt and support children from foster care.”
The U.S. Department of Health and Human Services says that 1/3 of adopted children and 46% of adopted children from foster care are living in a household 200% below the poverty guideline. Senator James Inhofe shared that, “My family knows firsthand the joys and blessings adoption brings, but adoption is not without its difficulties and, too often, can be a costly process. Making the adoption tax credit fully refundable will ease that financial burden so more families can choose to adopt and welcome children into their homes.”
If you are interested in starting your adoption journey, but the financial aspect is stopping you, MLJ can offer assistance through our Financial Resource Advisor that can assist you with fundraising, grants or adoption loans. For more information on starting your adoption journey, email email@example.com