OKLAHOMA CITY (KFOR) – The Oklahoma Senate has approved a bill that creates an income tax credit for families who choose to adopt.
Officials say that while many services through the Department of Human Services are covered by the state, private adoptions can cost upwards of $40,000.
“I’m blessed because I had a biological mother who chose life and I was blessed by wonderful adoptive parents who gave me love, support, guidance and opportunities that enabled me have a wonderful life,” Rep. Chuck Hall, (R-Perry) said. “Helping encourage more adoptions in Oklahoma is as pro-life as it can be, and I am excited about passing legislation to help and support families who want to open their hearts and homes to children through adoption.”
Currently, Oklahoma has a tax deduction available for parents who opt for a private adoption, which is equal to 4.75% of the cost incurred for 2022.
Under House Bill 3088, the deduction would be replaced with a 10% tax credit for adoption expenses up to $2,000 for an individual or $4,000 for joint filers.
“We all know adoption is incredibly expensive,” Rep. Kyle Hilbert, (R-Bristow) said. “As a state, we want to do all we can to assist families with this process. We don’t want cost to be a barrier for any child in need to enter a forever home where they are loved and cared for. Doubling the amount allowed as a tax credit will help ease this burden.”
HB 3088 now returns to the House for further consideration.