MO HB942

Increases the maximum adoption tax credit for special needs children from $10,000 to $25,000 per child for taxable years beginning January 1, 2012 and later.

Allows individuals and business entities to claim 50% of the adoption tax credit when a child is placed in the home and the remaining 50% when the adoption is finalized.

Establishes a new tax credit under section 135.340 for nonrecurring adoption expenses (fees, court costs, attorney fees) for all children adopted beginning January 1, 2012, with unused credits carriable forward up to five subsequent tax years.

Creates a "children in crisis tax credit" equal to up to 50% of verified contributions to qualified agencies including CASA, child advocacy centers, and crisis care centers, available for tax years beginning January 1, 2006.

Allocates $4 million annually in cumulative adoption tax credits, with $2 million reserved for special needs children who are Missouri residents or wards, and allows unused portions to be reallocated between categories and agencies.