I am a solid advocate for life. I believe that a person is a person from conception, and that they deserve the chance to live. I will always fight for that. I have also always strongly believed that adoption should be more affordable for families who want to welcome new additions to their family. Now that could be possible thanks to a new bill that has been introduced.
The Adoption Tax Credit Refundability Act was proposed by U.S. Senators Roy Blunt, Bob Casey, and James Inhofe. The bill would make the existing adoption tax credit refunded in whole. This would greatly help adopting families financially.
"Over 100,000 children are waiting for adoption into a family who can give them the loving home they deserve," Blunt stated, "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."
"It is a common misconception that only wealthy families adopt," Casey added, "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."
"My family knows firsthand the joys and blessings adoption brings," Inhofe continued, "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."
The adoption tax credit was made permanent in the American Taxpayer Relief Act in January 2013. However, that law did not extend the refundability provisions that applied to the adoption tax credit in 2010 and 2011. The Adoption Tax Credit Refundability Act would restore the refundable portion of this critical support for families wishing to adopt.
Data from 2011, which is the last year the adoption tax credit was refundable, indicates that nearly 62 percent of families who filed for the adoption tax credit benefited from refundability. Forty-one percent of families who benefited from refundability (25 percent of all families who took the tax credit) had AGIs under $50,000. This data indicates that a refundable adoption tax credit plays a significant role in lower-income families' ability to adopt and support a child from foster care.
This legislation has been endorsed by the Adoption Tax Credit Working Group Executive Committee, which is comprised of 150 organizations.
I think this is legislation that we can all support.