A.R.C. Events, etc. continued ...
Federal Tax Adoption Credit (2002 Update)
Federal tax credit legislation was passed on May 26, 2001 which became effective on Jan. 1, 2002.
Makes tax credit permanent
Increases the minimum, nonrefundable credit from $5,000 to a new maximum of $10,000 per adoption.
Increases the income limitation so that those with incomes under $150,000 (previously $75,000) qualify for the full credit and so that the amount of credit will graduate downward to zero as incomes approach $190,000 (presently $115,000).
Causes the maximum amount of credit to be adjusted annually for inflation (effective after Dec. 3, 2002).
Will affect all children at finalization.
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