Hope For Children Act
INTRODUCED INTO SENATE AND HOUSE - 2001S. 148
The Hope for Children ActIntroduced in the Senate
by Senators Craig (R-ID), Landrieu (D-LA), and Johnson (D-SD)
H.R. 622
The Hope for Children ActIntroduced in the House
by Representatives King (R-NY), DeMint (R-SC), Oberstar (D-MN), Bachus (R-AL), Pryce (R-OH)
A summary- Makes an adoption tax credit and an exclusion from income of amountsprovided through an employer adoption assistance program permanent law.
- Allows a tax credit for allowable expenses up to $10,000 innon-special needs adoptions, adjustable for inflation after December 31,2002.
- Allows a $10,000 tax credit for each special needs adoption,adjustable for inflation after December 31, 2002.
- Allows an exclusion from gross income of amounts up to $10,000 forqualified adoption expenses for non-special needs adoptions or up to $10,000for special needs adoptions paid by an employer to an employee through anadoption assistance program, adjustable for inflation after December 31,2002.
- Phases out the allowable amounts for both the credits and the exclusionbetween adjusted gross income of $150,000 and $190,000.
The full text of the legislation can be viewed at
http://thomas.loc.gov/home/c107query.html (enter S. 148 in the appropriate search box)
Source: American Academy of Adoption AttorneysResourcesPosition Paper - position paper from the Concerned Women for America
Current Adoption Tax Credit - full description
Treasury Report to Congress on Tax Benefits for Adoption[.pdf format requires Adobe Reader]
Advocacy
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