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2024 SESSION

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24101124D
SENATE BILL NO. 310 Offered January 10, 2024 Prefiled January 9, 2024 A BILL to amend the Code of Virginia by adding in Article 3 of Chapter 3 of Title 58.1 a section numbered 58.1-339.15, relating to tax credit; nonfamily adoptions. ---------- Patrons-- Jordan and Craig ---------- Referred to Committee on Finance and Appropriations ----------

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 58.1-339.15 as follows:

§ 58.1-339.15. Nonfamily adoption tax credit.

A. For the purposes of this section, "nonfamily adoption" means an adoption of a child by a taxpayer who is not the father, mother, or stepparent of the child.

B. For taxable years beginning on and after January 1, 2024, but before January 1, 2029, an individual or married couple filing jointly who finalize a legal nonfamily adoption shall be allowed a nonrefundable credit against the tax levied pursuant to § 58.1-320. The amount of the credit shall be equal to $4,000. The credit provided by this section may only be claimed by one individual or married couple filing jointly per adopted child.

C. The amount of the credit that may be claimed in any single taxable year shall not exceed the taxpayer's liability for taxes imposed by this chapter for that taxable year. If the amount of the credit allowed under this section exceeds the taxpayer's tax liability for the taxable year in which the eligible expenditures occurred, the amount that exceeds the tax liability may be carried over for credit against the income taxes of the taxpayer in the next three taxable years or until the total amount of the tax credit has been taken, whichever is sooner.

D. The Tax Commissioner shall develop guidelines for claiming the credit provided by this section. Such guidelines shall be exempt from the provisions of the Administrative Process Act (§ 2.2-4000 et seq.).