Adoption Tax Credit

I kept hearing on the yahoo adoption groups about the adoption tax credit being renewed and the amount increased. Below is an article from a Missouri Newspaper. It is very encouraging.
***************************************************************************************

There is good news in the new health care bill for adopting parents. H.R. 3590 includes a provision to extend the adoption tax credit until December 2011 (see pages 904-906). The tax credit has also been increased from $12,170 to $13,170 for adoptions occurring after January 2010. The health care bill also allows the tax credit to be refundable.What this new tax law means for prospective adopting parents. According to Lee Kutz, of Kutz Accounting in Joplin, this new tax law means that adoptive parents may apply up to $13,170 of their adoption expenses toward their taxes owed, thereby decreasing the amount owed overall by this amount. In the event that the couple owes less than the tax credit amount stated, they may receive some or all of the balance as a refund on their Federal taxes. Many groups and individuals have successfully lobbied to help extend this tax credit beyond its original expiration date of December 2010, and are still seeking to make the tax credit permanent.Since most international and private domestic adoptions cost upward of $10,000, this tax credit makes adoption much more affordable for families from many different income brackets. This, in turn, helps more children find permanent homes.