Recently we had heard that the government was going to remove the tax credit for adoptive families. This would not be a good thing for families who were thinking about adopting and for families who like us are already in the process and planning on that financial help at the end. Here is the latest and greatest news. Again this is taken word for word from another blog. They seem to understand it better than I do, and are able to word it better.
"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!!!!
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"
We praise God for this good news!!! He continues to take care of us and carry us through this process. When we first began this process I had no idea where the money would come from, but God is sooo good. Why am I surprised by this?
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