Adoption Tax Credit

THIS IS HUGE. If you have been thinking about adoption but holding back because of the cost, now is the time to do it! This was just announced:

There is good news for newly adoptive families from the health care bill that was signed into law on the 23rd. The adoption tax credit has been extended until the end of 2011 and increased from $12,170 to $13,170 for adoptions occurring after January 1, 2010 (it's retroactive). Even better, the credit is now refundable.

REFUNDABLE MEANS THAT YOU ACTUALLY GET PAID BACK BY THE GOVERNMENT FOR THE FIRST $13,170 OF YOUR ADOPTION!!!!

Bill text:
See page 903 of 906 at http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h3590enr.txt.pdf
If you find the 2409 page version, its on page 2400. It's the very last section. http://thomas.loc.gov/cgi-bin/query/z?c111:H.R.3590

USA Today's brief analysis:

"Taxpayers who adopt children: Effective in 2010, the bill makes the adoption credit refundable, increases the credit by $1,000 and extends the increased adoption credit through 2011."http://www.usatoday.com/money/smallbusiness/2010-03-23-health-care-taxpayers_N.htm

This is such wonderful, amazing news. Many people have been praying for this. The adoption tax credit was scheduled to expire after 2010. Instead the government has chosen to INCREASE it and make it REFUNDABLE. Praise God!