HEA 1222 Summary

• Establishes a state income tax credit for individuals eligible to claim a federal child tax credit under Section 23 of the Internal Revenue Code, effective for taxable years beginning after December 31, 2014.

• Tax credit equals the lesser of 10% of the federal child tax credit amount or $1,000 per eligible child, and cannot exceed the taxpayer's adjusted gross income tax liability.

• Unused tax credits cannot be carried forward, carried back, or refunded in any taxable year.

• Establishes a nine-member Committee on Adoption appointed by the governor to study how other states partner with private and faith-based entities for adoption services and recommend improvements to Indiana's adoption programs.

• Committee must report findings and recommendations to the governor, Department of Child Services, and legislative council by November 1, 2014; the committee expires July 1, 2015.