I am cutting and pasting some good news from the Abba Fund blog here. The increase in the adoption tax credit is nice, but the fact that it is becoming refundable is incredible!!! Woo hoo! (See below.)
Good news for adoptive families from the health care bill signed into law. 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). The credit is also now refundable.
You can read the bills text on page 903 of 906 here.
“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.”
[HT: R. Austin Wilkerson, Wilkerson Legal PLLC]