The Hope for Children Act
- 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)