In the wake of recent events it is a pleasure to see when lawmakers take up an effort to help children and families in need. House Democratic Caucus Leader Rocky Adkins, D-Sandy Hook, on Friday (02/10/2017) filed House Bill 295, legislation to create a Kentucky income-tax credit to offset adoption costs.
Adkins was quoted in saying, "Costs such as adoption agency, court and attorney fees and travel expenses can easily run into tens of thousands of dollars. There is already a federal adoption tax credit to help offset these expenses, and the addition of a state adoption income tax credit will provide additional assistance to the many Kentucky families wanting to adopt."
This bill will follow many of the same rules put in place at the federal level which dictate what expenses are allowable as well as the type of credit that will be offered, mainly a tax liability credit that can be carried forward for up to five years. This credit as it is written in the bill currently will not be refundable.
Cited Sources:
About the Author
I am the Founder and Owner of Tekk Adoption, created in 2013 to fill a need for affordable online technology services for families seeking to adopt. We hope to be your one-stop-shop for all technology needs regarding your adoption process. We make sure our services are robust and affordable for any family budget. Our goal is to help as many families realize their dream of adoption as we can, so you will see that our services are the most competitively priced on the market.
Let us help you grow your family tree, through technology!