House and Senate agree: The adoption tax credit stays


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House and Senate agree: The adoption tax credit stays – Nov. 9, 2017

What's in the GOP proposed tax plan

Both the House and Senate agree: The adoption tax credit is off the chopping block.

Republican Senators introduced their tax overhaul Thursday afternoon and it preserved the adoption tax credit, according to initial materials from the Senate Finance Committee.

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Last week, House Republicans introduced its 429-page tax overhaul that included repealing the credit.

But Ways and Means Committee Chairman Kevin Brady offered an amendment on Thursday that would preserve the credit.

Related: What’s in the Senate Republicans’ tax bill

Adoption advocates breathed a sigh of relief at the change.

Denise Bierly, a family attorney, is set to finalize her daughter’s adoption by the end of year. She said the news gave her a sense of justice.

“I had this rather guilty feeling that I would get the credit where families who couldn’t finalize their adoptions until next year … were potentially missing out on the credit.”

Adoptions, especially private ones, can be expensive. The tax credit can be a major factor in helping families afford adopting.

The credit currently allows adoptive parents to take a credit of up to $13,570 of qualified expenses.

The amount of the credit starts to phase out when families have an adjusted gross income above $203,540 and is off limits once that income exceeds $243,540.

It’s unclear on whether lawmakers will change the amount of the credit or requirements to claim it.

Both bills still need to be voted on. Lawmakers will then need to work together to merge the two plans and more changes could be made.

“We feel extremely vulnerable and don’t think this fight is over,” said Bierly.

-CNN’s Jessica Ravitz contributed to this story

CNNMoney (New York) First published November 9, 2017: 6:16 PM ET


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