As 'Fiscal Cliff' Looms, Adoption Tax Credit Set To End - WMBB News 13 - The Panhandle's News Leader

As 'Fiscal Cliff' Looms, Adoption Tax Credit Set To End

Posted: Updated:
Bay County, Fla. -

For many couples, adopting a child can be a very rewarding experience. It can also be a be a very expensive process, with many costs involved. Starting next year, the financial burden may grow for families looking to bring a child in.

For Cathy Harcus her two adopted boys Danny and Jackie mean the world.

"Our 12 year old [Danny] is thriving, he's doing good in school and our oldest one [Jackie] leaves this weekend to go to boot camp for the Marines," Harcus said.

Harcus says the adoption tax credit allowed her, and other families looking to adopt, an extra bonus to help raise adopted children. This year the maximum credit is around $12,000 per child.

"The adoption tax credit for us was a nice bonus, it was an extra addition...for some families it is a huge plus for them and it takes the burden off of their minds," Harcus said.

However, with America set to go over the proverbial 'fiscal cliff,' that credit is set to disappear.

"If we are not able to reach an agreement that will allow the tax credits to continue, that will essentially mean they will be cut in half or go away," said Valerie Proctor, 14th Circuit Adoption Director.

Families who hope to bring in a child and give them a forever home may have to think twice about the decision. Especially with the economy being so uncertain.

"There are costs that you can't predict, and I think it will cause some pause," Proctor said.

"I would hate to see those families not able to adopt for the fear that they could not provide for the child," Harcus said.

While they believe it won't be an obstacle to most parents willing to open their hearts and homes for a child, adoption advocates hope that Washington will open it's wallet.

"Adoption is a journey, and we just want to be sure that our children have everything they need for this journey," Proctor said.

Harcus also hopes Washington gets it's act together for the sake of the children.

"It's a small price to pay to give a child a loving forever home," Harcus said.