At Adoption Support Center, our philosophy is “You will get the child you are meant to raise.” Our agency staff will work closely with you to explore all of your financing options.
Federal Tax Credit for Adoption
Since 1997 the Federal government has offered an Adoption Tax Credit for qualified adoptions. Over the years there have been changes to the credit and on several occasions it has been in jeopardy of being discontinued. The most recent change occurred in 2013 when Congress renewed the Adoption Tax Credit as part of the recent “Fiscal Cliff” negotiations. The credit is currently not refundable, meaning adoptive parents can get a credit based on their tax liability with up to five years to take the full amount. For 2017, the maximum credit is set at $13,570. Families with incomes under $203,540 will receive the full credit and it will gradually phase out up to $243,540. Indiana also offers a $1000 tax credit as of 2015.
For more questions, contact the IRS at 1-800-829-1040 or go to www.irs.gov.
Unfortunately, the Federal Tax Credit is again in jeopardy of being discontinued. We are in need of your help. The American Academy of Adoption Attorneys has put together a program at Text-based Resistbot to make it easy to send a message to your Senators and Representatives, letting them know the importance of continuing the Adoption Tax Credit.
All you have to do is:
Text the word “Resist” to 504-09
Then follow the prompts. This will allow you to send a faxed message to your Senators and Representatives. You will get a message once the fax has been successfully sent. ASC thanks you for helping preserve the Adoption Tax Credit so that more families are able to adopt.
MasterCard, Visa and Discover
ASC accepts these credit cards. Home studies, post-adoption follow-ups, activation fees, advertising and placement fees may all be paid by credit card. We charge a 3% convenience fee whenever a credit card is used.
Many banks, both online and in your own neighborhood, may also approve adoption loans.
NorthPark Community Credit Union Visa Loan Program
We are excited to announce a new option for adoption funding! ASC has partnered with NorthPark Community Credit Union to create a simple Visa loan program that we feel will be of great interest and help to many adoptive families. Contact a NorthPark CCU Loan Officer at (317) 733-2200 for more information and current rates.