OKLAHOMA CITY – A bill that creates an income tax credit for some of the costs associated with adoptions, cleared the Oklahoma Senate last week and is expected to be heard by the House of Representatives again.
House Bill 3088 would increase an existing adoption tax credit from 4.5 percent to 10 percent tax credit for adoption expenses of up to $2,000 for an individual or up to $4,000 for joint filers.
The change would give much greater financial support for those seeking private adoption and could even be used by those adopting through the DHS to cover out-of-pocket expenses, the bill’s author, Sen. Chuck Hall said.
Currently 9,000 children in out-of-home care, records from the state Department of Human Services show. Officials at DHS said they are looking for adoptive families for about 500 children.
Hall said the issue was a personal one for him.
“Helping encourage more adoptions in Oklahoma is as pro-life as it can be, and I am excited about passing legislation to help and support families who want to open their hearts and homes to children through adoption,” he said.
Though DHS covers many services and the costs of adoptions for children in foster care, private adoptions can be expensive – costing prospective parents more than $41,000, the lawmakers said.
“We all know adoption is incredibly expensive,” Hilbert said. “As a state, we want to do all we can to assist families with this process. We don’t want cost to be a barrier for any child in need to enter a forever home where they are loved and cared for. Doubling the amount allowed as a tax credit will help ease this burden.”