Reducing Taxes for Adoptive Parents

Reducing Taxes for Adoptive Parents

U.S. Representative John Boozman (R-AR) today confirmed his commitment to families and lower taxes by co-sponsoring legislation to make tax credits for adoptive parents permanent.

Boozman signed on to H.R. 471, the Adoption Tax Relief Guarantee Act, offered by Rep. Joe Wilson (R-SC). The legislation makes permanent the $10,000 child adoption tax credit, which is set to expire in 2010. Sen. Jim Bunning (R-KY) is introducing a companion bill in the Senate.

If enacted, H.R. 471 would provide a tax credit up to $10,000 for qualified expenses relating to the domestic, or international, adoption of a child under 18 physically and mentally incapable of caring for themselves. Additionally, an employer may offer up to $10,000 for expenses which will be excluded from income.

Costs which may be covered under the bill include: attorney's fees, adoption fees, court costs, and travel.

"This is a common-sense piece of legislation that I support strongly and am very proud to be a part of," Boozman said. "Adoptive parents, because of the nature of their choice, should be given this benefit in order better afford the adoption process and be allowed to start raising the newest members of their families on the right foot."

http://www.boozman.house.gov/News/DocumentSingle.aspx?DocumentID=55634