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 vital monetary help to households who undertake. It could actually assist to cowl the prices of adoption, comparable to company charges, authorized charges, and court docket prices. The credit score can also be accessible to households who undertake youngsters with particular wants. Along with the monetary help it gives, the ATC may also assist to boost consciousness of adoption and encourage extra households to undertake.
