INHOFE URGES EXTENSION OF ADOPTION TAX CREDIT

WASHINGTON, D.C. – U.S. Senator Jim Inhofe (R-Okla.), along with Senators Jim Bunning (R-Ky.) and Ben Nelson (D-Neb.), today sent a letter urging the Senate Budget Committee to include a provision making the 2001 adoption tax credit permanent in the conference report on the budget resolution.  This provision would allow Americans who adopt a child to continue receiving a credit in the amount of their qualified expenses and would guarantee the maximum $10,000 credit for those who adopt children with special needs.
 
“As a member of the Congressional Coalition on Adoption and the grandfather of an adopted child from Ethiopia, I have long been a proponent of adoption as it provides undeniable advantages for all involved, including the child, the biological parents, and the adoptive parents,” Senator Inhofe said.  “Unfortunately, the cost of adoptions, especially international adoptions, can sometimes be so high as to dissuade couples from choosing to adopt. This tax credit will significantly reduce the financial burden to families choosing to adopt, making it easier for these children to be raised in stable, loving homes.”
 
International adoptions can cost as much as $20,000-30,000 and domestic infant adoptions as much as $15,000.  Legislation offering adoption incentives in the form of tax credits first passed Congress in 2001.  Unfortunately, this provision is set to expire after December 31, 2010. 
 
Senator Inhofe co-sponsored an amendment (S.Amdt.4307) to make the 2001 adoption tax credit permanent that passed the Senate unanimously during the consideration of the budget resolution.  Senator Inhofe is also a co-sponsor of the Adoption Tax Relief Act (S.561).  The letter was signed by a bi-partisan group of twenty-two Senators.
 
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