This week, Congress passed the American Taxpayer Relief Act of 2012 (H.R. 8). This legislation included a permanent extension of the adoption tax credit and was signed into law by President Obama on Wednesday.
The Adoption Tax Credit was set to disappear as of December 31, 2012, but the bill permanently extends the credit and income exclusion for employer paid or reimbursed adoption expenses. While official estimates will be released later by the IRS, the projected maximum amount of the adoption tax credit for 2013 is expected to be $12,770, according to Save the Adoption Tax Credit.
UPDATE: The official maximum amount for the 2013 federal adoption tax credit is $12,970. You can read more about the tax credit on our website: http://www.americanadoptions.com/adopt/adoption_tax_credit
Please stay tuned for further updates regarding the Adoption Tax Credit. As always, seek the help and expertise of a tax professional or accountant to claim the Adoption Tax Credit.
And thanks to so many of you for advocating to your Congressmen and Congresswomen – this is wonderful news for adoptive families!