Earlier this session, I introduced HF 2082, which establishes a tax credit for families that adopt.
Currently, the State of Iowa allows for an itemized deduction for adoptions. However, for families that do not itemize their taxes, this is not an option for them.
The bill provides for a $2,500 tax credit per adoption. The credit is bumped up to $5,000 if the child is a child with special needs. I am working with several of my colleagues to change that language to “child with special needs” to “hard to place child”. This seeks to include older children, siblings, as well as children with special needs.
The bill, as amended, passed out of the Human Resources Committee and is now in the Ways and Means Committee (as HF2268). This does have a fiscal impact of about $1 million. While I understand this is a lot of money, helping ease the financial burden of adoption is important to ensuring children of our state find forever families.
That being said, if you or anyone you know is at all interested in learning more about adoption or foster care, there is a meeting coming up on Monday, March 3 at the Spencer Library. The meeting starts at 6:00pm. The meeting is presented by Iowa KidsNet. Iowa KidsNet is a statewide collaboration of six Iowa agencies dedicated to children and families.