SB 564 Allows the use of available tax credits for nonresident adoptions under certain circumstances
Sponsor: Loudon
LR Number: 3646S.01I Fiscal Note:
Committee: Ways & Means
Last Action: 1/9/2006 - Second Read and Referred S Ways & Means Committee Journal Page: S57
Title: Calendar Position:
Effective Date: August 28, 2006

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Current Bill Summary

SB 564 - This act allows for use of remaining available credits, under the four million dollar cap, for non-resident adoptions if, as of April fifteenth of each fiscal year, less than two million dollars of available credits for resident adoptions have been issued. The credit allowable for nonrecurring adoption expenses will be reduced to the same degree the federal adoption tax credit is reduced by the income limit set forth in federal adoption tax credit law.

This act contains an emergency clause and is similar to SB 3(2005).