Adoption Tax Credit Refundability Act of 2023

Hozzl · 2024-01-03T17:45:20Z

Explore the details of House Bill 3662 Adoption Tax Credit Refundability Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

1/3/2024, 5:45 PM

Summary of Bill HR 3662

Bill 118 HR 3662, also known as the Adoption Tax Credit Refundability Act of 2023, is a piece of legislation introduced in the US Congress. The purpose of this bill is to make the adoption tax credit fully refundable, meaning that families who adopt a child would receive the full amount of the credit even if they do not owe any federal income tax.

Currently, the adoption tax credit is non-refundable, which means that families can only receive the credit up to the amount of their tax liability. This can be a barrier for lower-income families who may not owe enough in taxes to fully benefit from the credit. By making the credit refundable, this bill aims to make adoption more accessible and affordable for all families, regardless of their income level.

The Adoption Tax Credit Refundability Act of 2023 has received bipartisan support in Congress, with lawmakers from both parties recognizing the importance of supporting adoptive families. Proponents of the bill argue that making the adoption tax credit refundable will help more children find loving homes and reduce the financial burden on families who choose to adopt. Overall, Bill 118 HR 3662 seeks to improve the adoption process in the United States by making the adoption tax credit more equitable and accessible to all families. It is currently being debated and considered by Congress, with the hope of passing into law in the near future.

Congressional Summary of HR 3662

Adoption Tax Credit Refundability Act of 2023

This bill makes the tax credit for adoption expenses refundable.

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Current Status of Bill HR 3662

Bill HR 3662 is currently in the status of Bill Introduced since May 25, 2023. Bill HR 3662 was introduced during Congress 118 and was introduced to the House on May 25, 2023. Bill HR 3662's most recent activity was Referred to the House Committee on Ways and Means. as of May 25, 2023

Bipartisan Support of Bill HR 3662

Total Number of Sponsors

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Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 3662

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 3662

Adoption Tax Credit Refundability Act of 2023Adoption Tax Credit Refundability Act of 2023To amend the Internal Revenue Code of 1986 to provide for a refundable adoption tax credit.

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