Push to increase foster care adoption tax credits could cost Georgia $4.8M | CENTER SQUARE
Push to increase foster care adoption tax credits could cost Georgia $4.8M | CENTER SQUARE
A measure that would increase foster care adoption tax credits could result in a state revenue loss of $4.8 million over the next five years, according to fiscal researchers.
House Bill 114, introduced by Rep. Bert Reeves, R-Marietta, would increase the annual tax incentive for adopting a foster child from $2,000 to $6,000. According to a fiscal note from the Department of Audits and Accounts, the proposal could decrease state tax revenues by $400,000 in fiscal year 2022 and grow to up to $1.5 million by fiscal year 2026.
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Corey Burres, vice president of communications for the nonpartisan think tank Georgia Center for Opportunity, said “foster care and adoption are crucial parts of” creating “flourishing communities.”
“These bills are a great first step forward in helping the thousands of Georgia kids waiting to be adopted each year,” said Burres, who also is a respite foster care parent. “We hope to see the foster community empowered through the current legislative session, so all of Georgia’s children can flourish – no matter their circumstances.”
