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2000 SESSION

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008417416
SENATE BILL NO. 427 Offered January 21, 2000 A BILL to amend the Code of Virginia by adding in Article 3 of Chapter 3 of Title 58.1 a section numbered 58.1-339.8, relating to individual income tax credits; qualified adoption expenses. ---------- Patrons-- Couric, Edwards, Forbes, Marye, Miller, Y.B. and Mims ---------- Referred to Committee on Finance ----------

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding in Article 3 of Chapter 3 of Title 58.1 a section numbered 58.1-339.8 as follows:

§ 58.1-339.8. Qualified adoption expenses tax credit.

A. For taxable years beginning on and after January 1, 2000, any individual shall be allowed a credit against the tax imposed pursuant to § 58.1-320 for qualified adoption expenses, as defined in § 23 (d) of the Internal Revenue Code and the regulations adopted pursuant thereto, paid by such individual.

B. The aggregate amount of qualified adoption expenses that may be taken as a credit for all taxable years with respect to the adoption of a child shall not exceed $3,000.

C. The credit provided under this section may be used for the taxable year in which such qualified adoption expenses have been paid. The amount of qualified adoption expenses that may be taken as a credit for any taxable year shall not exceed the tax imposed by this chapter. Any tax credit for qualified adoption expenses in excess of the taxpayer's tax liability for a taxable year may be carried over for credit against the income taxes of such individual in the next five taxable years until the total amount of the tax credit has been taken.

D. No credit shall be allowed under this section for any qualified adoption expense (i) to the extent that funds, subsidy payments, or reimbursements are made to or received by an individual for qualified adoption expenses under any federal, state, or local program or (ii) to the extent that any other deduction or credit has been allowed for the same expense.

E. The Tax Commissioner shall promulgate regulations, in accordance with the Administrative Process Act (§ 9-6.14:1 et seq.), establishing procedures for claiming the credit provided by this section.