The adoption tax credit was due to expire at the end of the year, but the Health Care Reform Law passed last week expanded it. According to section 10909 of the Act, the adoption tax credit was extended for one more year (to December 31, 2011) and expanded in the following two ways: For the tax year 2010, the amount of the credit was increased from $12,170 to $13,170 and the credit was made refundable for all types of adoption for tax years 2010 and 2011.
Since we expect to finalize Reggie's adoption in 2010, we were crossing our fingers that nothing would change before the year's end regarding the tax credit. Turns out it looks like we will get a little bonus! Taking into consideration that we also received a grant through the MICAH fund, our actual out-of-pocket expenses incurred with Reggie's adoption are not a whole lot more than our actual out-of-pocket medical expenses we incurred with Lydia. Now, how's that for good news in adoption?
Disclaimer: This is not a political blog. It is a blog about our life as an adoptive family, among other things. Comments will be moderated accordingly.
I'm not crazy (At All) about most of what was in that bill, but I am very happy about this part of it, and I'm glad it helped you guys out. I hope the credit continues to be expanded. It would be great if it was made permanent. :-)
ReplyDeleteThis is indeed good news!
ReplyDeleteI'm so glad about the credit, too. :)
ReplyDeleteThis is fabulous news!! I have to say I was concerned for our future adoption plans as well. Very thankful that it was extended!! God is good - all the time!
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