Illinois Introduces Tax Credit For Illinois Families Looking To Adopt

Adoption can be a god-send for both adoptive parents and the child they choose to take in. Through adoption, couples who may not be able to conceive on their own can still be parents and children who are without loving homes can find them. Additionally, couples who would rather provide a stable and loving home for a child in need of one instead of conceiving their own children often decide to adopt.

However, adoption often has many financial hurdles. The average cost of an adoption is $30,000, and that figure grows even larger for international adoptions. Fortunately, in Illinois, the new state budget includes a tax credit for adoption expenses. This could make it easier for middle-class families to get through the adoption process and help benefit both prospective adoptive parents and the children looking for homes. How Much Is The Illinois Adoption Tax Credit? This new Illinois state tax credit for adoption is modeled after a federal one. Illinois residents are eligible for up to $5,000 in refunds for a child adopted in the state, and up to $2,000 for a child adopted outside of the state, beginning with 2018 tax filings.

This state tax credit is limited to the total amount of state tax owed each year - the credit can’t reduce your tax liability to less than zero. However, the credit may be carried over for up to five years following the finalization of the adoption until the credit accumulates to the full $2,000 or $5,000 amount.

How Does The Tax Credit Help Families?

Many people who are considering adoption for the first time don’t realize how expensive it is. Once they become aware of the costs, middle-class families often struggle to raise the funds necessary to adopt a child. This is unfortunate, because this means that individuals and couples who could have been great parents don’t get the opportunity, and the foster system remains full of kids with no true home.

Tax credits help solve this problem by offsetting some of the costs of adoptions, such as fees for lawyers and adoption agencies and medical or living expenses for expectant mothers.

To learn more about adoptions, contact our Adoptions From The Heart offices in:

Greensburg, PA (Pittsburgh)

1225 S. Main St #207

Greensburg, PA 15601

(724) 853-6533

Philadelphia, PA

30 Hampstead Cir 

Wynnewood, PA 19096  

(610) 642-7200

Allentown, PA    

2212 Union Blvd     

Allentown, PA 18109      

(610) 432-2384

Chesapeake, Virginia 

1407 Stephanie Way #H

Chesapeake, Virginia 23320

(757) 361-0008

Glastonbury, Connecticut 

703 Hebron Ave #1

Glastonbury, CT 06033

(860) 657-2626

Harrisburg/Lancaster, PA

1525 Oregon Pike 

Lancaster, PA 17601

(717) 399-7766

Cherry Hill, New Jersey

451 Woodland Ave

Cherry Hill, NJ 08002

(856) 665-5655

Wilmington, Delaware 

18A Trolley Square

Wilmington, DE 19806

(302) 658-8883