Hope Coalition Release Giving Background and Sponsors of Hope for Children Act

SUMMARY AND BACKGROUND INFORMATION

[1] H.R. 622 permanently extends and doubles the adoption tax credit to $10,000. The current $5,000 adoption tax credit for non- special needs adoptions is set to expire this year. Like the Hope for Children Act (H. R. 531) introduced by former Representative Tom Bliley in the 106th Congress, H.R. 622 indexes the credit for inflation, increases the earnings limit, and exempts the beneficiaries from the Alternative Minimum Tax. Additionally, H. R. 622 extends and doubles the tax exclusion allowed for employer- provided adoption benefits (which is also set to expire this year) and includes a $10,000 flat credit for special needs adoptions. H. R. 622 mirrors S. 148, introduced by Senators Craig and Landrieu on January 23, 2001.

[2] H. R. 622 was introduced in the House on February 14, 2001 by Representative Jim DeMint. Rep. DeMint organizes the Hope Coalition* - a group of five Members (Representatives DeMint, Oberstar, Pryce, Bachus, and King) working together to champion this bill and ensure the Hope for Children Act is signed into law this year. H.R. 622 was introduced with 188 original cosponsors (listed below).

Oberstar, Jim*           Bono, Mary             Cunningham, Randy