SPRINGFIELD, IL– Illinois’s new adoption credit program will provide a major boost to help children find loving families, according to State Sen. Dave Syverson (R-Rockford).
"This will make it easier for families to adopt, plain and simple, and I would like to thank the Governor for his help in advancing this concept," said Syverson. "As an adoptive parent, I’m aware of how costly and difficult the adoption process can be."
The new adoption tax credit, which is based on the existing federal tax credit, offers a tax credit of up to $5,000 for a couple who is adopting a child at least one-year-old who resides in Illinois. Other adoption situations will qualify for up to a $2,000 credit.
"Lowering the cost of adoption helps bring families together sooner and helps put children into better environments where they can grow, thrive, and be loved by parents," said Syverson. "Encouraging adoptions also makes good fiscal sense. Loving, adoptive families can provide better care for children than more costly foster care and institutional programs."
The adoption tax credit was part of the larger budget negotiations that led to the passage of a balanced budget. Sen. Syverson, as a member of budget negotiating teams, pushed to include the adoption credit in the final deal.
Syverson joined Gov. Bruce Rauner to announce details of the new program at the Children’s Home & Aid facility in Rockford on June 21.
“Children’s Home & Aid has been providing vital services to our children and families for 135 years,” said Syverson. “I believe this new program fits perfectly with their goals of protecting children and strengthening families.”