Jump to content
Sign in to follow this  
Conrad

Hope for Children Act

Recommended Posts

Mr Marshall for himself introduces, with thanks to Mr Cavalieri and Mr Hall...

 

A BILL

 

To amend the Internal Revenue Code of 1986 to increase the amount allowable for qualified adoption expenses, to permanently extend the credit for adoption expenses, and to adjust the limitations on such credit for inflation.

 

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

 

Section 1. Short title

 

(a) This Act may be cited as the Hope for Children Act.

 

Section 2. Adoption Expenses

 

(a) Increase in Amounts Allowed.--

(1) Dollar amount of allowed expenses.--Paragraph (1) of section 23(b) of the Internal Revenue Code of 1986 (relating to dollar limitation) is amended by striking ``$5,000'' and all that follows and inserting ``$10,000.''.

(2) Phase-out limitation.--Clause (i) of section 23(b)(2)(A) of such Code (relating to income limitation) is amended by striking ``$75,000'' and inserting ``$150,000''.

(b) Repeal of Sunset on Children Without Special Needs.--Paragraph (2) of section 23(d) of such Code (relating to definition of eligible child) is amended to read as follows:

``(2) Eligible child.--The term `eligible child' means any individual who--

``(A) has not attained age 18, or

``(B) is physically or mentally incapable of caring for himself.''.

(c) Adjustment of Dollar and Income Limitations For Inflation.-- Section 23 of such Code is amended by redesignating subsection (h) as subsection (i) and by inserting after subsection (g) the following new subsection:

``(h) Adjustments for Inflation.--In the case of a taxable year beginning after December 31, 1989, each of the dollar amounts in subsections (b)(1) and (b)(2)(A)(i) shall be increased by an amount equal to--

``(1) such dollar amount, multiplied by

``(2) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting `calendar year 1988' for `calendar year 1992' in subparagraph (B) thereof.''.

 

 

Quote

 

Plain English Summary:

Amends the Internal Revenue Code to:

(1) increase the amount allowable for qualified adoption expenses;

(2) permanently extend the credit for adoption expenses; and

(3) adjust the limitations on such credit for inflation.

 

 

Edited by Conrad

Share this post


Link to post
Share on other sites
Guest
You are commenting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

×

Important Information

By using this site, you agree to our Terms of Use.