The Adoption Tax Credit score (ATC) was launched to the U.S. tax code in 1997 to assist offset the prices related to adoption. It’s a tax credit score that reduces your tax legal responsibility greenback per greenback, as much as the quantity of the credit score. The utmost quantity of the credit score has elevated over time, and for 2023, it’s $14,890 for every eligible youngster adopted.
The ATC can present important monetary help to households who undertake. It will possibly assist to cowl the prices of adoption, resembling company charges, authorized charges, and courtroom prices. The credit score can be obtainable to households who undertake kids with particular wants. Along with the monetary help it supplies, the ATC may assist to boost consciousness of adoption and encourage extra households to undertake.
