Governor Brian Kemp signed House Bill 114, which triples the tax credit for those who adopt children from the care system
ATLANTA – On Monday March 22nd, Governor Brian Kemp signed House Bill 114, which triples the tax credit for those who adopt children from the care system.
“The amount of this credit is $ 6,000.00 per qualified foster child per tax year commencing with the year the adoption is final for five tax years and $ 2,000.00 per tax year thereafter,” said House Bill 114.
The balance would stay at $ 2,000 per year until the child turns 18.
For parents like Elle Garrison, the extra funding will be of great help. Garrison says the extra money would help her cover a lot of things.
“I have currently adopted three foster children. I have two other foster children and they will be adopted sometime in the next few months. They are waiting to get a final date for my adoption,” Garrison said. “The cost of childcare, summer camps, and extracurricular activities add up and are very expensive.”
Kevin Harris of the Georgia Division of Family and Children Services says this bill is important.
“This is really the case, especially in times of pandemic and times when many states are having to tighten their belts and try to maintain balance. This is a very proactive policy for our government to offer tax credits.” “said Harris.
Kemp tweeted, “Proud to work with members of the General Assembly to cut taxes on hardworking Georgians and increase incentives for families to adopt children from the foster system.”
This adoption tax deduction can be applied to your taxes from 2021.