The Hope for Children Act


A summary

  1. Makes an adoption tax credit and an exclusion from income of amountsprovided through an employer adoption assistance program permanent law.

  2. Allows a tax credit for allowable expenses up to $10,000 innon-special needs adoptions, adjustable for inflation after December 31,2002.

  3. Allows a $10,000 tax credit for each special needs adoption,adjustable for inflation after December 31, 2002.

  4. 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.

  5. 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)


 

 

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