Kentucky Tries To Make Adoptions More Affordable

Kentucky Tries To Make Adoptions More Affordable

In the wake of recent events it is a pleasure to see when lawmakers take up an effort to help children and families in need. House Democratic Caucus Leader Rocky Adkins, D-Sandy Hook, on Friday (02/10/2017) filed House Bill 295, legislation to create a Kentucky income-tax credit to offset adoption costs.

Adkins was quoted in saying, "Costs such as adoption agency, court and attorney fees and travel expenses can easily run into tens of thousands of dollars. There is already a federal adoption tax credit to help offset these expenses, and the addition of a state adoption income tax credit will provide additional assistance to the many Kentucky families wanting to adopt."

This bill will follow many of the same rules put in place at the federal level which dictate what expenses are allowable as well as the type of credit that will be offered, mainly a tax liability credit that can be carried forward for up to five years. This credit as it is written in the bill currently will not be refundable.

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General News, Government & Laws, Taxes



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