Bill > HB1553

This bill creates a $4,000 nonrefundable tax credit for individuals or married couples who finalize a legal nonfamily adoption (an adoption of a child by a taxpayer who is not the father, mother, or stepparent of the child) during the taxable years 2023 through 2027. The credit can be claimed by one individual or married couple per adopted child, and the amount of the credit that can be claimed in a single taxable year is limited to the taxpayer's tax liability for that year. Any excess credit can be carried over for the next three taxable years or until the total amount of the credit has been taken, whichever is sooner. The Tax Commissioner is required to develop guidelines for claiming the credit, which will be exempt from the provisions of the Administrative Process Act.