Sunday, August 22, 2010

Are you Adoping this year or Next?

Did you know that the Health care Reform Law has been Expanded the Adoption Tax Credit?
What does this mean for Adopting Families?
It means that the amount of credit was increased to 13,170. The best part of this is that it will be Refunded to you! Because the adoption tax credit will be refundable, families who have smaller tax liability will now be able to benefit from the credit for adoptions finalized in 2010 & 2011. This information was given to me at an Adoption non-profit that i volunteer at. They said that many people do not know about this information.

Note* Refundable is the most important word. It means that receipts/documentation of
expenses are not necessary. it means that the parents do not need to owe the govt $ to get a
tax credit for it. It means that no matter if/how much the parents owe the govt(even if it is $0)
they will get a credit refund of $13,170.

Public law 111-148 the Patient Protection & Affordable Care act was signed into law on March
23, 2010 section 10909 of the act extended the adoption tax credit for one more year to Dec.
31, 2011.

Please Please -let everyone you know that is Adopting this year or next about this. I would so Love to see Adoptive Families to get this well deserved refund.


Erica said...

Love love love this post! Love your heart for the orphan and SO thankful for you!

tracy hanson said...

Look who is talking Girl!
Thank you Erica.

Amy said...

There seems to be a lot of confusion about whether or not it is actually a refund. I so hope that is true. We Returned home from Ethiopia and were told 3 days later we would be going back. Two trips in 6 weeks is a lot to budget for.

tracy hanson said...

Hi Amy,
I got my information first hand from the most reliable source.
They said that the refund information is something that
most people do not know about.
The second travel trip is so hard on everyone. I really hope that will change in the near future.
I wish I was Oprah & I would be able to support everyones Adoptions!

Libby said...

Is there a place to get more info on this? My husband and I want to adopt. . we were planning on waiting a few years, but this may change our mind.

tracy hanson said...

Hi Libby,
Thanks for asking me. I would contact an agency in your area,
if someone can recommend one that is better & inquire to them about this. By your Blog Pics it looks like you already have a Huge Heart
for Orphans!

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Jamie said...

We're in the process of waiting for a referral for twins from Ethiopia! This tax credit news is a huge blessing for our family!
Beneath the Acacia Tree