HB1500: Adoption; nonrefundable tax credit for amount of qualified expenses.

Legislative Summary

Adoption Tax Credit. Establishes a nonrefundable income tax credit for taxable years 2023 through 2027 for the amount of qualified adoption expenses, as defined by the bill, paid or incurred by an individual or married couple who finalize a legal adoption. The aggregate amount of qualified adoption expenses that may be claimed shall not exceed $10,000. In the case of an adoption of a child with special needs, as defined by the bill, the taxpayer will be treated as though he incurred $10,000 in qualified adoption expenses. Adoption Tax Credit. Establishes a nonrefundable income tax credit for taxable years 2023 through 2027 for the amount of qualified adoption expenses, as defined by the bill, paid or incurred by an individual or married couple who finalize a legal adoption. The aggregate amount of qualified adoption expenses that may be claimed shall not exceed $10,000. In the case of an adoption of a child with special needs, as defined by the bill, the taxpayer will be treated as though he incurred $10,000 in qualified adoption expenses.