THE EGGLESTON REPORT – FOSTER CARE & ADOPTION

One of the key objectives of the Missouri House in the 2021 session is to improve support for families willing to adopt children or host foster children.  That objective got one step closer to being met as this week the House passed HB 429 and HB 430.

HB 429 was passed by the unanimous vote of 149-0.  That bill authorizes an income tax deduction for Missouri taxpayers for the expenses related to providing care as a foster parent. The bill would authorize a deduction of $2,500 for an individual and $5,000 for a married couple if foster care is provided for at least six months.  The deduction is pro-rated if care is given for less than six months.

HB 430 was passed by the unanimous vote of 155-0. That bill expands the state’s existing $10,000 tax credit to the adoption of any child. Currently, the credit applies only to Missouri taxpayers who adopt special needs children. The legislation would continue to give priority to special needs adoptions.  The credit would also go to taxpayers who adopt an individual who is 18 years of age or older but is physically or mentally incapable of caring for himself or herself.

Speaker of the House Rob Vescovo, who was adopted as a child, said, “I want to thank my colleagues for giving their overwhelming bipartisan support to these pieces of legislation that can help offset a portion of the significant cost associated with fostering and adopting vulnerable young people.  This is a change that can and will encourage more families to open their homes to kids who need and deserve a stable, nurturing environment. As someone who was given a better life by my adoptive parents, I want to see all children have these same opportunities to grow into healthy, productive adults.”

Now that they have been approved by the House of Representatives, the two bills now move to the Missouri Senate for consideration.

Until next time, health, happiness and prosperity to you and your family.