SB 324 - This act increases the annual cumulative tax credit cap for all special needs adoption tax credits from four million to five million and specifies that beginning on or after January 1, 2008, three million dollars in tax credits shall be allocated for non-resident special needs adoptions.
This act provides that the cumulative amount of tax credits that may be claimed by taxpayers claiming the credit for nonrecurring adoption expenses shall not be more than five million dollars, but may be increased by appropriation in any fiscal year beginning on or after July 1, 2004. The amount of remaining tax credits available for the children in crisis tax credit program will be divided equally among the three qualified agencies: CASA, child advocacy centers, and crisis care centers. In the event tax credits claimed under one agency do not total the allocated amount for that agency, the remaining tax credits will be allocated equally among the remaining agencies. In the event the total amount of tax credits claimed for any one agency exceeds the amount available for that agency, the amount redeemed shall and will be apportioned equally to all eligible taxpayers claiming the credit under that agency.