Adoption Tax Credit Refundability Act of 2023

Hozzl · 2024-03-13T18:38:09Z

Explore the details of Senate Bill 2895 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.

3/13/2024, 6:38 PM

Summary of Bill S 2895

Bill 118 s 2895, also known as the Adoption Tax Credit Refundability Act of 2023, is a piece of legislation currently being considered by the US Congress. The main purpose of this bill is to make the adoption tax credit refundable, meaning that families who adopt a child would be able to receive a refund if the credit exceeds their tax liability.

The adoption tax credit is a non-refundable credit that helps offset the costs associated with adopting a child. Currently, if a family's tax liability is less than the amount of the credit, they are not able to receive the full benefit of the credit. This can be a barrier for many families who are looking to adopt, as the costs of adoption can be significant.

By making the adoption tax credit refundable, this bill aims to make adoption more accessible and affordable for families across the country. This could potentially lead to an increase in the number of adoptions, as more families would be able to take advantage of the credit. Overall, the Adoption Tax Credit Refundability Act of 2023 is a bipartisan effort to support and encourage adoption in the United States. It is currently being debated in Congress, and its passage could have a significant impact on the adoption process for many families.

Congressional Summary of S 2895

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 S 2895

Bill S 2895 is currently in the status of Bill Introduced since September 21, 2023. Bill S 2895 was introduced during Congress 118 and was introduced to the Senate on September 21, 2023. Bill S 2895's most recent activity was Read twice and referred to the Committee on Finance. as of September 21, 2023

Bipartisan Support of Bill S 2895

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 2895

Primary Policy Focus

Taxation

Alternate Title(s) of Bill S 2895

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

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