Adoption can be expensive. For this reason, the government aims to reduce the financial burdens of the prospective adoptive parents through the Federal Adoption Tax Credit or FATC. Brief History Non-refundable since 1997, the FATC allows adoptive parents to reduce their tax obligations. If not consumed within a year, the credit shall be carried over to the succeeding years. Hence, the policy leads up to 6 years of the tax subsidy. The Affordable Health Act of 2010 has enabled taxpayers to monetarily claim the credit than for it to significantly decrease their taxes. However, this only lasted for two […]