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.
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.”