WASHINGTON, March 4 -- Sen. Kevin Cramer issued the following press release:
In a victory for adoptive families across the nation, the Internal Revenue Service (IRS) corrected its interpretation of the partially refundable adoption tax credit included in recently-implemented Working Families Tax Cuts.
Previously, the IRS interpreted the law to conclude the carryforward was not eligible for refundability, affecting adoptive families who filed taxes from 2020-2024. The resulting interpretation prevented those families from accessing part of the credit. U.S. Senator Kevin Cramer (R-ND) questioned (https://www.cramer.senate.gov/news/press-releases/cramer-questions-treasury-secretary-bessent-at-banking-hearing-on-adoption-tax-credit-3-resoluti...