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US SB1458

Bill

Official Source

Status

Introduced

4/10/2025

Primary Sponsor

Kevin Cramer

Click for details

Origin

Senate

119th Congress

AI Summary

  • Converts the existing adoption tax credit (Section 23) to a fully refundable tax credit, allowing taxpayers to receive the credit as a refund even if they owe no federal income tax
  • Redesignates the adoption credit from Section 23 to Section 36C in the Internal Revenue Code, moving it to the subpart covering refundable credits
  • Requires the IRS to develop standardized third-party affidavit forms for verifying legal adoptions and special needs designations
  • Applies to taxable years beginning after December 31, 2024
  • Includes a transitional rule allowing any unused carryforward amounts from the previous nonrefundable credit to be claimed as part of the new refundable credit in the first applicable tax year

Legislative Description

Adoption Tax Credit Refundability Act of 2025

Taxation

Last Action

Read twice and referred to the Committee on Finance.

4/10/2025

Committee Referrals

Finance4/10/2025

Full Bill Text

No bill text available