With proper financial planning, adoption can be an affordable option for many families. Whether you're interested in adoption grants or loans, the list below includes some of the resources available to prospective adoptive parents.
Many companies and organizations offer benefits such as leave or financial assistance to their employees who are adopting. Your employee benefits office will be able to tell you if your company participates, or you can search The Dave Thomas Foundation for Adoption Best Adoption-Friendly Workplaces List to see if your company is listed.
In March 2010, the adoption tax credit was included in the Health Care and Education Reconciliation Act (an act amending the Patient Protection and Affordable Care Act), delaying its sunset until December 31, 2011. This increased the maximum credit (indexed for inflation) to $13,170 per eligible child and also made the credit refundable for tax years 2010 and 2011, which allowed families to receive the full benefit during a single tax year regardless of taxes due that year.
In December 2010, the Tax Relief Act extended the adoption tax credit through tax year 2012; for this year, the credit is once again nonrefundable. The current maximum allowable adotpion tax credit is $13,360, and is set to sunset on December 31, 2012.
Find out more about the Adoption Tax Credit by visiting the IRS Adoption Credit website, or by reading NCFA's Adoption Advocate No. 21, "Tax Benefits for Adoption: The Adoption Tax Credit." Find out how you can help advocate for the adoption tax credit's extension by downloading NCFA's Adoption Tax Credit Advocacy Kit here.
Military service members who adopt a child under 18 years of age may be reimbursed qualified adoption expenses up to $2000 per adoptive child (up to a total of $5000 if more than one child is adopted) per calendar year. Read more about adoption benefits for military personnel on the Military Family Association website.
For 33 years, NCFA has been the authoritative voice for adoption. Our research and education programs have led the way in promoting sound, ethical adoption policies and practices that have enabled children to find nurturing, permanent families through adoption.
America's Christian Credit Union (ACCU) believes every child deserves a forever family. Their adoption loan program has helped place over 700 children in loving homes. In addition to adoption loans, ACCU provides effective banking solutions to individuals and ministries that empower them to reach their financial goals while expanding God's Kingdom. Click here to read more >>