While the entire system is complex, let me break it down for you below.
Adoption Tax Credit Amounts
2007: $11,390, non-refundable
2008: $11,650, non-refundable
2009: $12,150, non-refundable
2010: $13,170, refundable
2011: $13,360, refundable
2012: $12,650, non-refundable
2013: $5,000, non-refundable
Refundable is better! Isaac's adoption cost us around $15,000. Because Isaac's adoption was refunded in that 2010-2011 window, we received a check for just over $13,000 back from the government.
Non-refundable means that you will not receive a check back from government. If you owe $500, you won't have to pay that. But you won't receive a check for more than what you owe.
Not only are they eliminating the refundable part of this legislation, but they are dropping the amount by more than half.
The refundable adoption credit allows couples who normally could not afford adoption, to take out a low or no interest loan that they can pay back once their credit comes in.
The average cost to adopt a child is around $25,000. The elimination of this credit, means that a large number of families may not be able to get any of their $25,000 back. This may possibly prevent people from adopting a child at all.
If you don't think this matters to you, it does. Someone is paying to raise the orphans in this country. And that someone is tax payers. Making it more finacially feasible for couples to adopt benefits all of us.
If you don't think this matters to you, it does. Someone is paying to raise the orphans in this country. And that someone is tax payers. Making it more finacially feasible for couples to adopt benefits all of us.
This petition hopes to extend the tax credit as currently stated in the Patient Protection and Affordable Care Act, so that more money is available to families allowing them provide a financially stable home to the adopted child.
Please take a moment to sign this petition. And please take the time to share it with others on your own blog and Facebook account. And if you sign it, would you leave a comment to let me know you did. I like to know that my blog is making even a slight difference in the world of infertility and adoption.
Please take a moment to sign this petition. And please take the time to share it with others on your own blog and Facebook account. And if you sign it, would you leave a comment to let me know you did. I like to know that my blog is making even a slight difference in the world of infertility and adoption.
