Older Kids Act of 2006 - Amends Internal Revenue Code provisions allowing a tax credit for adoption expenses to increase: (1) the dollar limitation on the amount of adoption expenses eligible for the credit for children with special needs or children age nine or older; and (2) the adjusted gross income limitation applicable to such credit.
[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6180 Introduced in House (IH)]
109th CONGRESS
2d Session
H. R. 6180
To amend the Internal Revenue Code of 1986 to increase the income
limitation with respect to the credit against tax for qualified
adoption expenses and to increase the dollar limitation with respect to
such credit in the case of an adoption of a child with special needs or
a child age 9 or older.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 26, 2006
Ms. Ginny Brown-Waite of Florida (for herself, Mr. Paul, Mr. Ford, and
Mr. Oberstar) introduced the following bill; which was referred to the
Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to increase the income
limitation with respect to the credit against tax for qualified
adoption expenses and to increase the dollar limitation with respect to
such credit in the case of an adoption of a child with special needs or
a child age 9 or older.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Older Kids Act of 2006''.
SEC. 2. INCREASE IN LIMITATIONS WITH RESPECT TO CREDIT AGAINST TAX FOR
QUALIFIED ADOPTION EXPENSES.
(a) Credit Limitation Increase for Adoption of Child With Special
Needs or Child Age 9 or Older.--
(1) In general.--Section 23(a) of the Internal Revenue Code
of 1986 (relating to allowance of credit) is amended by adding
at the end the following new paragraph:
``(4) Adoption of child with special needs or child age 9
or older.--In the case of the adoption of a child with special
needs which becomes final in a taxable year or the adoption of
a child which becomes final in a taxable year during which the
child has attained age 9--
``(A) subsection (b)(1) shall be applied by
substituting `$20,000' for `$10,000', and
``(B) to the extent that qualified adoption
expenses exceed $10,000 and are paid or incurred before
the taxable year in which such adoption becomes final,
such expenses shall be taken into account under this
section as if such expenses were paid or incurred
during the taxable year in which such adoption becomes
final.''.
(2) Exception for foreign adoptions.--Section 23(e) of such
Code is amended by striking ``and'' at the end of paragraph
(1), by striking the period at the end of paragraph (2) and
inserting ``, and'', and by adding at the end the following new
paragraph:
``(3) subsection (a)(4) shall not apply.''.
(b) Income Limitation Increase.--Section 23(b)(2)(A) of such Code
is amended--
(1) in clause (i), by striking ``$150,000'' and inserting
``$500,000'', and
(2) in clause (ii), by striking ``$40,000'' and inserting
``$100,000''.
(c) Conforming Amendment.--Section 23(f) of such Code is amended by
striking ``subsection (a)(3)'' and inserting ``paragraphs (3) and (4)
of subsection (a)''.
(d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2006.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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