Good news for adopting families! The Adoption Tax Credit, which had been scheduled to 'sunset' at the end of this year, has now been extended and even increased. Here's a quick summary:
•The current adoption tax credit has been extended until the end of 2011.
•The value of the adoption tax credit has been increased from $12,170 to $13,170.
•The increase is “retroactive,” meaning that any adoption occurring after January 1, 2010 is eligible for this higher credit.
•The credit is now refundable. This means that even families that owe zero taxes can receive the full tax credit in the form of a tax refund to help with their adoption-related expenses.
Please go to the Christian Alliance For Orphans blog to read more about the details.