STATEMENTS ON INTRODUCED BILLS AND JOINT RESOLUTIONS
By Mr. BUNNING (for himself, Mr. MILLER, Mr. INHOFE, Mr. NELSON of Nebraska, Mr. CRAIG, Mr. LUGAR, Mr. SANTORUM, Mr. COLEMAN, Mr. SMITH, Mr. HATCH, and Mr. CARPER):
S. 1931. A bill to repeal the sunset of the Economic Growth and Tax Relief Reconciliation Act of 2001 with respect to the expansion of the adoption credit and adoption assistance programs; to the Committee on Finance.
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Mr. INHOFE. Mr. President, I rise today to join my colleagues in introducing this bill to repeal the provisions of the Economic Growth and Tax Relief Act of 2001 that sunset the adoption tax credit and adoption assistance programs.
Under the current legislation, families with adopted children are given a tax credit of up to $10,000 to cover their adoption expenses and families who adopt children with special needs are credited the full $10,000. Providing this type of assistance is important in easing the costs of the adoption process and helping families cover expenses incurred by adopting children with special needs.
Currently, there are around 550,000 children in foster care. Of this number, 126,000 are up for adoption. In order to facilitate and expedite the adoption process, I have worked as a member of the Congressional Coalition on Adoption to encourage and support families who are willing to provide a loving, stable, and permanent home for these children. The Coalition has been active in promoting adoption around the country through a number of programs, including the National Adoption Day, a day set aside to draw attention to expediting and finalizing adoptions. In fact, Oklahoma held 20 adoptions this week in celebration of the day.
I strongly believe that it is critical to repeal the sunset provision of the Economic Growth and Tax Relief Act and continue to support those families who are making it possible for children to grow up in a loving and caring environment. As the grandfather of an adopted granddaughter, I can say through personal experience that providing a home where a child can be nurtured and given opportunities to become a contributing member of society is one of the greatest and most rewarding gifts we can ever give.