Chris Smith: “it is with great pride and pleasure that I rise to urge the enactment of H.R. 622, The Economic Security and Worker…”

“it is with great pride and pleasure that I rise to urge the enactment of H.R. 622, The Economic Security and Worker Assistance Act of 2002, also known as the Hope for Children Act. I cannot overemphasize how proud I am to be an original cosponsor of the Hope for Children Act. Mr. DeMint deserves our thanks and praise for his work on this bill. Mr. Speaker, throughout my 21 years in Congress, I have worked tirelessly with a broad, bipartisan group of colleagues, to protect children. Encouraging adoption has been among our primary concerns. Along those ends, I have introduced my own legislation that designated National Adoption Week, and I worked to help establish the current $5,000 tax credit for adopting parents. The $5,000 tax credit, which was incorporated into the 'Contract with America,' passed by Congress, and later signed into law, is helping many families that have adopted a child. But there is still so much to be done. There are so many children that need to be adopted. There are so many infertile couples who desperately want to raise children. This legislation today is needed. H.R. 622 seeks to double the adoption tax credit to $10,000 for all adoptions and double the employer adoption assistance exclusion to $10,000. The legislation also increases the income cap at which the credit begins to phase out from $75,000 to $150,000. The fact of the matter is that adoptions are very costly, ranging from $8,000 to $30,000 per year.”