A bill to amend the Internal Revenue Code of 1986 to allow a refundable tax credit for adoption expenses and to exclude from gross income employee and military adoption assistance benefits and withdrawals from IRAs for certain adoption expenses, and to amend title 5, United States Code, to exclude from gross income employee and military adoption assistance benefits and withdrawals from IRAs for certain adoption expenses, and for other purposes.
TABLE OF CONTENTS:
Title I: General Adoption Assistance
Title II: Adoption Assistance for Federal Employees
Title III: Exclusion of Adoption Assistance
Adoption Assistance Act - Title I: General Adoption Assistance - Amends the Internal Revenue Code to allow an individual a refundable tax credit of up to $5,000 for qualified adoption expenses paid or incurred during the taxable year. Provides a limitation based on modified adjusted gross income.
Title II: Adoption Assistance for Federal Employees - Requires the head of each agency to establish a program under which any employee of such agency (including a Postal Service employee) who adopts a child shall be provided a limited reimbursement for adoption expenses. Prohibits denial of an application for reimbursement on the basis of the marital status of the individual.
Title III: Exclusion of Adoption Assistance - Amends the Internal Revenue Code to exclude from gross income employee or military adoption assistance benefits received by an employee for adoption assistance.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S12716-12718)
Read twice and referred to the Committee on Finance.
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