Glenn English: “Mr. Speaker, it is fundamental that the family is the central institution of American society. Mr. Speaker, many…”

“Mr. Speaker, it is fundamental that the family is the central institution of American society. Mr. Speaker, many families open their hearts and open their homes to children through adoption. They know that they can provide a child with a loving home, and they know that they can grow as individuals and as a couple by experiencing the love of a child. Our enlightened social policy and tax policy should encourage this. Unfortunately, the average adoption in 1998 cost roughly $5,900, with 25 percent of adoptive parents reporting expenses of more than $10,000. That price tag prohibits many families from growing, leaving more than 118,000 foster care children waiting to be adopted. Given the financial commitment being made by families who adopt a child, the current credit does not go far enough. The Hope for Children Act opens the doors for many families who wish to adopt children but find the cost absolutely prohibitive. H.R. 622 increases the maximum adoption tax credit to $10,000 from $6,000 for special-needs children and $5,000 for all other adoptions, while increasing the income cap for those who claim the credit from $75,000 to $150,000. It also makes the credit permanent for all adoptions, not just special-needs children. The bill allows the credit to apply against the AMT, so families are not unfairly pushed into the AMT by claiming this credit.”