Since 1996, the adoption tax credit has defrayed the cost of adoptions to many families that would find the cost of adopting prohibitive.
Domestic adoptions cost $15,000 or more while international adoptions range from $20,000 – $30,000.
The maximum adoption tax credit that may be claimed by income-eligible families is $12,150. The tax credit can only be claimed in the year that the adoption is finalized.
The adoption tax credit is not a permanent part of the tax code. If it is not extended, it will expire on December 31, 2010.
S. 2816 and H.R. 213 would ensure that the adoption tax credit does not expire. Also, S. 2816 would ensure that a couple would be allowed to claim adoption expenses when they were incurred and not just when the adoption was finalized.
