On Jan. 1, 2013, the House of Representatives passed a bill that would avert the country from going over the so-called “fiscal cliff.” The bill that was passed certainly wasn’t perfect, but it had some important pieces that made it important for me to support. Not only would the bill avert a financial crisis that would affect all Americans, but it had smaller pieces that didn’t get quite as much coverage.
One of those pieces that I am very proud of is the extension of the Adoption Tax Credit. Back in April 2012, I introduced the Making Adoption Affordable Act, which would make the Adoption Tax Credit a permanent fixture in the tax code. I gathered 40 bipartisan cosponsors for the bill, and got the language ready to be passed. After a long wait, the bill was included with the final “fiscal cliff” legislation. With the passage of the bill, a permanent extension of $10,000 for families that adopt a child in need was completed.
I believe this legislation is important for American families, children, and ultimately good for taxpayers, as the foster care system alone costs $47,000 per child per year. With this tax credit, we are able to lower the costs and improve care for children across the country.
But adoption isn’t usually about lowering costs; it’s about finding kids a good home. Adoption is imperative to children who need a family and Congress should not impede families, but rather encourage them to adopt children who need a healthy, happy home.
I am very pleased this legislation was passed and look forward to improving adoption possibilities for families in the future. This tax credit will improve the finances of families who are making a big difference for needy children around the country and the world.