Ahead of National Adoption Day, observed tomorrow, Saturday November 17th, Rep. Bruce Braley (IA-01) renewed his call to Congressional leaders to extend the adoption tax credit. National Adoption Day is a collective national effort to raise awareness of more than 100,000 children in foster care waiting to find permanent families. If Congress fails to act, the current adoption tax credit of $12,360 will expire at the end of 2012.
"There are thousands of kids out there that deserve good homes, and we need to ensure that loving families who make the decision to adopt find that the financial cost isn't a barrier," said Braley. "With all the talk of the fiscal cliff, it's important to remember that the adoption tax credit saves taxpayers money by getting kids into loving homes and out of the costly foster care system. It's a win-win. We can't afford to let this tax credit expire."
In April, Braley introduced the Making Adoption Affordable Act that would permanently expand the federal adoption tax credit to $13,360 and make it refundable, which would allow more families to take full advantage of the incentive.
Adoption is preferable to foster care not only because it results in better outcomes for children, but because it is far less costly for taxpayers. As of 2010, foster care costs to taxpayers averaged $47,000 per child, per year.
The adoption tax credit is a proven incentive to promote adoptions. Before its last expansion in 1998, the tax credit was claimed after only 50,400 adoptions. After expansion, in 2004, the tax credit was claimed in nearly 87,000 adoptions, representing a nearly 50 percent increase.
Braley has worked to help Iowa families, like the Craig family of Des Moines, navigate bureaucratic red tape and realize their adoption dreams: http://qctimes.com/news/state-and-regional/iowa/braley-visits-family-he-helped-with-adoption/article_7ec49e76-e896-11e0-9125-001cc4c002e0.html