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Doubling of Adoption Tax Credit Pending in Congress
 
 
The adoption tax credit that went into effect on January 1, 1997 will come to a close on December 31, 2001. Families who have not legally finalized their adoption by that time will not be eligible to take the credit if Congress does not vote to extend or expand the credit as we now know it. Congress passed a proposal to expand it late last October only to have it vetoed by the President because it was part of a larger tax reform package that he did not favor.
 
Fortunately, the bill, still named the Hope for Children Act, has been re-introduced in the 107th Congress. The Senate bill is S148 and has been referred to the Senate Finance Committee. In the House it is designated as HR 622 and currently is in the House Ways and Means Committee.
The most recent version of the Hope for Children Act proposes to make the adoption tax credit a permanent part of the Internal Revenue Service tax code. It would allow a credit to be taken of up to $10,000 per child, whether the child was placed here in the United States or from another country. It also would raise the income guidelines for adoptive families from $75,000 per year to $150,000.
 
Adoption Horizons circulated a petition at the recent Festival of Many Lands and collected approximately 130 signatures. We strongly encourage you to take the time to contact your federal legislators and request their support for the passage of the Hope for Children Act. This bill will provide vital financial relief for families who seek to adopt children everywhere and, in turn, ensure that more children would find the permanent homes that they so deserve.
 
To email your representative, use the web address: http://www.senate.gov  or  http://www.house.gov/writerep and follow the simple instructions.
 
 
 


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