Bill 119 HR 1427, also known as the Adoption and In Vitro Fertilization Tax Credit Act, aims to make changes to the Internal Revenue Code of 1986. The main provisions of this bill include increasing the amount of the adoption credit and establishing a new tax credit for in vitro fertilization expenses. The adoption credit is a tax credit that helps offset the costs associated with adopting a child. This bill proposes to increase the amount of the adoption credit, making it more accessible and affordable for families looking to adopt. This increase in the adoption credit could potentially make it easier for more families to provide loving homes for children in need of adoption. In addition to the adoption credit, this bill also introduces a new tax credit for in vitro fertilization expenses. In vitro fertilization is a medical procedure that helps individuals or couples struggling with infertility to conceive a child. The proposed tax credit for in vitro fertilization expenses aims to provide financial assistance to those undergoing this costly and often emotionally challenging process. Overall, Bill 119 HR 1427 seeks to support families looking to expand their families through adoption or in vitro fertilization by providing them with financial relief through tax credits. This legislation could potentially make these family-building options more accessible and affordable for individuals and couples across the United States.
Bill 119 HR 1427, also known as the Adoption and In Vitro Fertilization Tax Credit Act, aims to make changes to the Internal Revenue Code of 1986. The main provisions of this bill include increasing the amount of the adoption...