I was thrilled to read an excellent article today on Baptist Press from Michael Foust. He reports that the adoption tax credit is now permanent although it has been lowered to $10,000. It can be taken over 5 years time and a credit unlike a deduction reduces taxable liability instead of just taxable income. I rejoice in this great news, and yet many adoptions cost much more than $10,000 so I continue to encourage everyone to pray about ways they can support adoptive families and for adoption agencies to find ways to lower the cost for the average family.
Here is a link to the article by Foust: Adoption credit made permanent in ‘cliff’ bill