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New adoption tax credit in effect

On Behalf of | Jan 9, 2019 | adoption, Firm News

To make the adoption process easier, more affordable and more appealing, a new law is in effect to give adoptive families a tax credit when they adopt a child from Illinois. The expense of adoption is often a deterrent to otherwise good and-very interested-candidates.

Originally passed in the summer of 2018, the new tax credit gives families $5000 for adopting a child at least one-year-old from within the state and $2000 for a child adopted from out of the state.

Adoption is costly
Adoption is often very expensive. The entire process can cost upwards of $30,000, making it prohibitive for most families. Adoption expenses continue to rise and include things like legal fees, counseling or medical care for birth mothers, fees for social workers to evaluate new parents and other expenses. To cover the expenses, some families borrow from relatives, take on extra work, use crowdfunding and apply for grants. The tax credit is intended to help toward those efforts.

Kids benefit most
The tax incentives help families wanting to adopt, but ultimately, the kids needing a new home and loving environment benefit the most. By encouraging families to pursue adoption, more kids will have the opportunity to thrive and be nurtured in a new home.