Loading chat...
IN SB0572
Bill
AI Summary
-
Creates an Indiana adjusted gross income tax credit for individuals who adopt an adult disabled child (age 18+, physically or mentally incapable of self-care) of their spouse
-
Credit equals the lesser of 10% of qualified federal adoption expenses or $1,000 per adult disabled child adopted
-
Only available to taxpayers who are not eligible to claim the federal adoption tax credit under IRC Section 23 for the same expenses
-
Unused credits cannot be carried forward, carried back, or refunded; credit cannot exceed total adjusted gross income tax liability
-
Eliminates the requirement for medical history and health status reports when filing a petition to adopt an adult
Legislative Description
Adoption tax credits and reporting. Provides an adjusted gross income tax credit for an individual who adopts an adult disabled child of the individual's spouse. Provides that the tax credit is equal to the lesser of: (1) the total amount of the individual's qualified adoption expenses that would have been computed as an allowable credit on the individual's federal return had the individual been entitled to claim the credit provided by Section 23 of the Internal Revenue Code for an adoption of an adult disabled child of the individual's spouse multiplied by 10%; or (2) $1,000; for each adult disabled child. Provides that a petition for adoption of an adult is not required to include a report regarding the health status and medical history of the adoptee.
Last Action
First reading: referred to Committee on Appropriations
1/14/2019