The budget deal passed yesterday, the American Taxpayer Relief Act of 2012 (H.R. 8), includes the permanent extension of the adoption tax credit, unfortunately without refundability. The credit was extended without a sunset provision. Had Congress not acted the credit would have expired. The bill retained the provision that allows the adoption tax credit to be “flat” for special needs, meaning special needs adoptions are excluded from needing to document qualified adoption expenses, and it includes a permanent cost of living adjustment so that it will be indexed for inflation. While it is good news that the adoption tax credit is permanent and that it includes these provisions, not including the refundability provision means that many families will not benefit. It is our hope that in the future Congress will revisit this policy and include refundability.
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