GOP Restores Adoption Tax Credit

Meg Storm : Nov 10, 2017
Faithwire

Some legislators had thought that overall tax relief would enable those wanting to adopt to use the savings toward that, but the backlash that ensued caused lawmakers to restore the credit.

(Washington, DC) — [Faithwire.com] Many were taken aback when the latest GOP tax plan didn't keep the adoption tax credit, and several prominent voices spoke out against the move. Their words appear to have been taken to heart, as the GOP has reversed course and added the adoption tax credit back into both the House and Senate GOP tax bills. (Photo Credit: Wikipedia)

According to The Hill:

A tax credit for adoptive families has been retained in both the House and Senate GOP tax bills, following pushback from socially conservative lawmakers and anti-abortion groups.

The credit was initially removed in the House version of the legislation, but an amendment released Thursday from the Ways and Means Committee Chairman Kevin Brady (R-TX) retained it.

Preserving the credit "will ensure that parents can continue to receive additional tax relief as they open their hearts and their homes to an adopted child," Brady said Thursday during the fourth day of the committee markup.

The Senate legislation also preserves the credit, Sen. John Hoeven (R-ND) said. The bill is set to be unveiled Thursday.

Religious groups, as well as House and Senate conservatives, pushed for the credit to be retained. They argued that by eliminating the credit, the bill went against the GOP's anti-abortion platform.

The credit provides up to $13,570 in tax savings per adopted child. Keeping the credit will cost $3.8 billion over ten years, according to the Joint Committee on Taxation.

Reaction to the move seems to be favorable in general, while some wonder how it was allowed to be revoked in the first place.

Here's the background on the whole story…

Click here to continue reading.