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Wednesday, October 31, 2012

NY Times Debate: Should the Adoption Tax Credit Be Renewed?

Room for Debate New York Times, Room for Debate: Should the Adoption Tax Credit Be Renewed?:

Created 15 years ago, the adoption tax credit now allows parents to claim a credit of $12,650 from their federal income taxes to defray the costs of any adoption. (Although it no longer allows families to claim a refund if the credit exceeds their tax bill, as it had in earlier years.) The credit expires at the end of the year for adoptions other than those of foster children with special needs.

Should the adoption tax credit be renewed with the refund provision included so that even families of modest income can claim it?

(Hat Tip: Ann Murphy.)

http://taxprof.typepad.com/taxprof_blog/2012/10/ny-times--3.html

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Comments

the answer is that most of the credits corporate and individual should not be renewed!!!!!!!!

Posted by: Sid | Oct 31, 2012 11:17:35 AM