S. 2816 – Adoption Tax Relief Guarantee Act

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2 earlier actions

SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S11972-11973)

Finance Committee

November 21, 2009

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SenateIntro Referral

Introduced in Senate

November 21, 2009

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S11972)

November 21, 2009

SenateIntro Referral

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S11972-11973)

Finance Committee

November 21, 2009

Floor Debate

1 member

What members said about S. 2816 on the floor

1 Republican

Sen. Jim BunningR-KY · Nov 21, 2009

Mr. President, today is National Adoption Day, and there could be no more fitting day to introduce legislation that will help American families achieve their dream of adopting a child. For too many…

Mr. President, today is National Adoption Day, and there could be no more fitting day to introduce legislation that will help American families achieve their dream of adopting a child.

For too many families, the high cost of adoption makes this dream difficult and sometimes impossible to reach. That is why Congress acted in 2001 to strengthen the adoption tax credit and make welcoming a child into a family more affordable. Unfortunately, this important tax relief will expire at the end of next year.

The legislation I am introducing today with Senator Ben Nelson, the Adoption Tax Relief Guarantee Act, will permanently extend and improve the 2001 adoption incentives. By easing this financial burden, we will encourage the development of more stable families and provide a brighter future for countless children for years to come.

The Adoption Tax Relief Guarantee Act will allow adoptive families to receive a tax credit of up to $10,000 and guarantees the maximum $10,000 credit for families who adopt children with special needs. This legislation will help middle-income families break the financial barriers and successfully adopt a child, especially those children with special needs who are in particular need of a loving home. In addition, this bill will allow families to receive the credit in the year an adoption expense is paid or incurred. Currently, those who adopt a child must wait until the following taxable year before receiving a tax credit for an adoption expense. This important change will expedite financial relief, putting money back into the pockets of middle-income families who struggle through the lengthy and costly adoption process.

I am pleased that Senators from both sides of the aisle have cosponsored this legislation, and that it has received endorsements from the National Council for Adoption and RESOLVE: the National Infertility Association, the National Council for Adoption, and the American Academy of Adoption Attorneys. The adoption tax credit and assistance programs have already helped countless children and families by making adoption more affordable. We owe it to future generations of children in need to make these provisions permanent.

Our entire society benefits when children are placed with loving, permanent families. I urge my colleagues to support critical legislation.

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

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Introduced in SenateIssued November 21, 2009

II

111th CONGRESS

1st Session

S. 2816

IN THE SENATE OF THE UNITED STATES

November 21, 2009

Mr. Bunning (for himself, Mr. Nelson of Nebraska, Mr. Brownback, Mr. Burr, Mr. Casey, Mr. Chambliss, Ms. Collins, Mr. Enzi, Mr. Inhofe, Mr. Isakson, Mr. Johnson, Mr. Roberts, Mr. Thune, and Mr. Vitter) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To repeal the sunset of the Economic Growth and Tax Relief Reconciliation Act of 2001 with respect to the expansion of the adoption credit and adoption assistance programs and to allow the adoption credit to be claimed in the year expenses are incurred, regardless of when the adoption becomes final.

1.

Short title

This Act may be cited as the Adoption Tax Relief Guarantee Act.

2.

Repeal of applicability of sunset of the Economic Growth and Tax Relief Reconciliation Act of 2001 with respect to adoption credit and adoption assistance programs

Section 901 of the Economic Growth and Tax Relief Reconciliation Act of 2001 is amended by adding at the end the following new subsection:

(c)

Exception

Subsection (a) shall not apply to the amendments made by section 202 (relating to expansion of adoption credit and adoption assistance programs).

.

3.

Allowance of adoption credit in year of expenses

(a)

In general

Paragraph (2) of section 23(a) of the Internal Revenue Code of 1986 (relating to allowance of credit) is amended to read as follows:

(2)

Year credit allowed

The credit under paragraph (1) with respect to any expense shall be allowed for the taxable year in which such expense is paid or incurred.

.

(b)

Effective date

The amendment made by this section shall apply to expenses paid or incurred in taxable years beginning after December 31, 2010.