AL HB48

Establishes a one-time, refundable income tax credit of $1,000 per child for taxpayers who complete a private intrastate adoption or adopt a qualified foster child.

Defines "qualified foster child" as an individual in permanent legal custody of the Alabama Department of Human Resources or placed in a licensed foster home by the department for adoption purposes.

Defines "private intrastate adoption" as an adoption through a private agency where the birth mother, baby, and adoptive parent(s) all reside in Alabama.

Credit is claimed in the tax year in which the adoption becomes final and applies to tax years beginning January 1, 2014 and thereafter.

Authorizes the Alabama Commissioner of Revenue to promulgate rules and regulations necessary to implement and administer the tax credit program.