SB22 - Provides a tax credit for expenses incurred in the adoption of a special needs child

SB 0022

Provides a tax credit for expenses incurred in the adoption of a special needs child

Sponsor:	Flotron
LR Number:	S0190.07P	Fiscal Note:	0190-07
Committee:	Aging, Families and Mental Health
Last Action:	03/30/99 - Hearing Conducted H Children, Youth & Families		Journal page:
	Committee
Title:	SS SB 22
Effective Date:	August 28, 1999

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Current Bill Summary

SS/SB 22 - This act provides tax credits for expenses incurred in the adoption of a special needs child. A special needs child is defined as one who meets any one of the following three requirements: cannot be returned home; cannot be easily placed; or when an effort to place the child has been unsuccessful.

Tax credits for special needs children may be assigned, transferred, or sold in their entirety, notwithstanding the taxpayer's tax due. Any sale of tax credits to a for profit entity shall be at a discount rate of seventy-five percent or greater of the amount sold.

In addition, Section 135.630 has been added and contains provisions authorizing a state income tax credit for contributions to unplanned pregnancy resource centers. Similar provisions of this act are contained in SCS/HCS/HBs 316, 660 & 203.
ERIN MOTLEY