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Increased Tax Credit for Families Adopting Two Siblings

This new act increases the tax credit for families who adopt two siblings in the same year. Instead of the standard amount, these families will be able to deduct a larger sum from their taxes, aiming to support sibling adoptions and keep them together. These changes will apply to adoptions finalized after the act's enactment date.
Key points
Increased Tax Credit: Families adopting two siblings in the same year can deduct up to $20,000 from their taxes, instead of the standard $10,000.
Support for Sibling Adoptions: The goal is to encourage the adoption of siblings together, potentially easing the financial burden on families.
Applies to Future Adoptions: The changes apply to adoptions finalized after the act's enactment.
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Additional Information
Fight for Siblings Act of 2024
Print number: HR 7912
Sponsor: Rep. Nunn, Zachary [R-IA-3]
Process start date: 2024-04-09