SCS/HB 69 - This act creates a new tax credit program for contributions to adoption resource centers. The amount of the credit will be equal to fifty percent of contributions equal to or greater than one hundred dollars provided that tax credits remain unissued under the allocation for special needs adoption tax credits after all children in crisis tax credits have been issued. No taxpayer may receive a tax credit in excess of ten thousand dollars per year. Applications for the adoption resource center tax credit must be filed between July 1st and April 15th of each year. In order to become an eligible agency, an agency must apply to the department of social services prior to December 31st of each year. Upon a determination that an agency is an eligible agency, the Department of Social Services will provide the agency with a letter of eligibility. The Department of Social Services is required to provide the Department of Revenue with a list of all eligible agencies no later than February 1st of each year. Upon receipt of a contribution, an eligible agency will issue a contribution verification. In order to claim the tax credit provided under this section, a taxpayer must attach the contribution verification to such taxpayer's income tax return. The adoption resource center tax credit is non-refundable, but may be carried forward for up to five consecutive years. The adoption resource center tax credit has a cumulative cap equal to the unclaimed portion of the resident adoption tax credit after all children in crisis tax credits have been issued. In the event the adoption resource center tax credits do not use all of the remaining tax credits under the resident adoption tax credit program, the remaining amount shall be used for non-resident adoption tax credits. JASON ZAMKUS
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