[Congressional Record Volume 148, Number 82 (Wednesday, June 19, 2002)]
[Senate]
[Page S5774]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. BUNNING:
  S. 2643. A bill to repeal the sunset of the Economic Growth and Tax 
Relief Reconciliation Act of 2001 with respect to the expansion of the 
adoption credit and adoption assistance programs; to the Committee on 
Finance.
  Mr. BUNNING. Mr. President, today I am introducing legislation to 
make the adoption tax credit permanent. Last year, Congress passed and 
President Bush signed into law the Economic Growth and Tax Relief 
Reconciliation Act. This act contains many and much needed tax relief 
provisions for the American people. However, because of procedural 
rules in the Senate, this new law sunsets and expires after December 
31, 2010.
  The legislation I introduce today makes permanent a tax provision in 
that law, that being the adoption tax credit. If we do not pass this 
extension, and the adoption tax credit sunsets, then this tax credit 
will be cut overnight from a maximum of $10,000 to $5,000. Families who 
adopt special needs children will no longer receive a flat $10,000 
credit, and instead, they will be limited to a maximum of $6,000. As 
well, families claiming the credit may be pushed into the AMT, 
Alternative Minimum Tax. And the income caps will fall from $150,000 to 
$75,000 so that fewer families will be eligible for the credit.
  There are over 500,000 kids in publicly funded foster care right now 
waiting to be adopted. And there are even more in the private system. 
Let's help them find loving homes. Let's make it easier for families to 
adopt, not throw up barriers. If the adoption tax credit is cut to the 
prior law level of $5,000, many families will not be able to afford 
adoptions. And therefore less children will be welcomed into what they 
want the most, a real family. And adoptions are not cheap. Some 
licensed private adoption agencies charge fees ranging anywhere from 
$4,000 to $30,000.
  Earlier this month, on June 4, the House of Representatives passed 
this permanent extension of the adoption tax credit by a vote of 391 
yeas to 1 nay. I am hopeful that my colleagues in the Senate recognize 
the importance of moving on any legislation to permanently extend this 
tax credit, whether it be the House's bill we consider or this bill I 
am introducing today. Those kids without parents, and those parents 
without kids deserve to see this adoption tax credit set into law for 
good. We owe it to them all.
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