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Adoption Credit |
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Adoption Credit A per-child tax credit for adopting a child under 18. Notes: The limit is higher if it's determined that the adopted child has special needs. |
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? Mentioned in | ? References in periodicals archive | ||
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| We especially welcome the proposals to simplify the tax laws for
families, including the proposals to adopt a uniform definition of
qualifying child for purposes of various child-based benefits, to
eliminate the income-related phase-outs for the adoption tax credit and
exclusion, to eliminate the household maintenance test for
head-of-household filing status, and to simplify the complex
computational and eligibility requirements for the earned income tax
credit and child tax credit. The existing adoption tax credit provisions approved in last
year's federal tax relief bill do not take effect until 2003. The adoption tax credit, currently $5,000 per child ($6,000 for
special-needs children) was made permanent by EGTRRA Section 202 and
increased to $10,000 for tax years beginning after 2001; it can be used
to offset AMT. |
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