ATLANTA — On Monday, March 22, Governor Brian Kemp signed House Bill 114, which triples the tax credit for those who adopt children from the foster care system.
"The amount of such credit shall be $6,000.00 per qualified foster child per taxable year commencing with the year in which the adoption becomes final for five taxable years and $2,000.00 per taxable year thereafter," according to House Bill 114.
The credit would stay at $2,000 a year until the child turns 18.
For parents like Elle Garrison, the extra funds will be a great help. Garrison says the extra money would help her cover a lot of things.
"I have adopted three children from foster care currently. I have two other children that are have been in foster care, and they will be adopted sometime in the next couple months. They're waiting to get a finalization date for me to adopt them," said Garrison. "The cost of childcare, summer camps, extracurricular activities, I mean, they add up and they're really expensive."
Kevin Harris with the Georgia Division of Family and Children Services says this bill is important.
"This is really, particularly in pandemic times and in times when a lot of states are having to tighten their belts, and try to meet the balanced budget -- this is a very proactive policy for our government to be able to offer tax credits," said Harris.
Kemp tweeted, "Proud to stand with members of the General Assembly to cut taxes for hardworking Georgians and increase incentives for families to adopt children from the foster care system."
This adoption tax deduction can be applied to your taxes from 2021.