The April 17th deadline swiftly came and went, and for most of us, our yearly tax headache has finally subsided. In February, we provided information on how the 2011 Adoption Tax Credit affects you. Now, as we look to our near future, there is a very pressing matter at hand. After going through a number of iterations, increases, and restrictions in the past fifteen years, the current Adoption Tax Credit is set to expire on December 31, 2012. Instead, of ensuring that all families can benefit from this credit, the Adoption Tax Credit will revert back to its original parameters of a $6,000 non-refundable credit that will only be available to a limited selection of adoptive families.
The Adoption Tax Relief Guarantee Act of 2011 was introduced in January of 2011 to repeal the sunset of the Economic Growth and Relief Reconciliation Act of 2001 .