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FINANCIAL ASSISTANCE
Government Aid
Federal and state tax breaks and reimbursement
programs such as the following can help families bring children into
loving homes.
Adoption Tax Credit
The Adoption Tax Credit grants adoptive families an
income tax break of $10,000 for adoption expenses. This tax break is
also for expenses incurred in domestic adoptions of children with
special needs.Adoption Access recommends
that adoptive parents and prospective parents seek tax advice from a
legal or tax professional. For information from the IRS regarding
how your family may be eligible for the tax credit, please review
publication 968 on the IRS Web site at
http://www.irs.gov/pub/irs-pdf/p968.pdf.
The Joint Council on International Children's Services also has
information on the new tax credit. Contact them at 202-429-0400 or
visit their Web-site at
www.jcics.org.
Military
Active-duty military families can receive a
reimbursement of up to $2,000 for adoption costs. Contact your
military branch for more information.
Nonrecurring Adoption Expenses
The federal government allocates funds to individual
states for reimbursement of fees paid by adoptive families. States
choose whether to accept these funds and can decide which adoptions
are eligible for reimbursement. Contact your state's social services
or adoption department for more information.
Corporations
More than 200 businesses have started helping
employees adopt children by offering benefits from referral help and
extended leaves to cash payments that range from $1,000 to $10,000.
Here are a few examples:
Direct Reimbursement
Companies such as Hallmark, Hewitt, Wendy's and
Microsoft reimburse adoptive families for up to $5,000 to cover
adoption expenses.
Paid/Unpaid Leave
Ben & Jerry's, Patagonia and Genetech are just a few
of the companies offering parental leave from work to care for
adopted children.
For more information, contact your employer. You can also view the
National Adoption Center's (NAC)
list of employers
offering adoption benefits. For additional resources, try the
NAC Website.
ADOPTION FOUNDATIONS
The National
Adoption Foundation (NAF) provides
grants of $2,000 or more to assist potential adoptive parents
with a portion of their adoption expenses. For more information
on requirements or to apply for a grant, visit
http://www.nafadopt.org.
The JSW Adoption
Foundation provides grants of
$2,000 or more to assist potential adoptive parents with a
portion of their adoption expenses. For more information on
requirements or to apply for a grant, visit
www.jsw-adoption.org.
A Child Waits
Foundation is a nonprofit
charitable foundation formed in 1998 to reduce the number of
children not adopted from International orphanages because
prospective parents lack the savings to pay for the cost of
adoption. Eligibility to receive a loan is based on financial
need and each case is judged individually. Other sources of
funds, which should be applied for first, include bank loans,
loans from family members, securities, and savings accounts. For
more information, contact
www.achildwaits.org or call 866-999-2445.
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