New adoption credit is an important victory for children
Illinois' new adoption credit program will make it easier for families to adopt, connecting children with loving families.
The adoption process can be extremely costly and difficult. The state’s new adoption tax credit, which is based on the existing federal tax credit, seeks to mitigate those costs by offering a tax credit of up to $5,000 for a couple who is adopting a child at least one-year-old who resides in Illinois. Other adoption situations will qualify for up to a $2,000 credit.
Proponents hope that lowering the cost of adoption will help families interested in adoption move more easily through the process, placing children into an environment where they can grow, thrive, and be loved and nurtured. Additionally, advocates say the adoption process makes good fiscal sense as compared to costly foster care and institutional programs.
The adoption tax credit was part of the larger budget negotiations that led to the passage of a balanced budget.