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Hope for Children Act
passes US House 420-0
by Michelle Konieczny
With only 12
Representatives missing the vote, HR-622, commonly known as the
Hope for Children Act, passed the US House of Representative by a
unanimous 420-0 vote.
The Act, sponsored by Rep. Jim DeMint (R-SC), would raise the
Income Tax Credit for Adoptive parents from $5,000 to $10,000.
The beginning point of phase out for the adoption tax credit
would also be increased from $75,000 to $150,000 adjusted gross
income with the cap rising to place ineligibility for the tax
credit at the $190,000/year adjusted gross income figure.
In a committee report it was stated that approximately 25% of all
people claiming the Adoption Tax Credit in 1998 reported that
their expenses in relation to adoption exceeded $10,000.00, and
29% of special needs adoptions exceeded $6,000.00 in expenses.
The Congressional Budget Committee and Joint Committee on
Taxation reported that the cost to taxpayers over the years
2002-2011 would be an estimated $2.6 billion dollars. It is said
by the Committees that this bill will have no effect on state,
local, or tribal government budgets. The bill will now go to the
US Senate for consideration.
Some adoption activists worry that this increase in tax credits
not only ignores their concerns of excessive adoption fees, but
will serve as justification for Adoption Agencies to increase
their current rates without worry of lost business as the tax
credit will serve as a "rebate check" to the agency's
clients.
(Infomation for this article was taken from the Thomas
Congressional Website located at: http://thomas.loc.gov)
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