Bill > HR1427

This bill makes two main changes to the Internal Revenue Code. First, it increases the adoption tax credit for children with special needs from $10,000 to $25,000, and adjusts the credit for inflation starting in 2026 by linking increases to the cost of living. The inflation adjustment will round amounts to the nearest $10 and uses a specific method for calculating cost-of-living changes. This provision would apply to taxable years beginning after December 31, 2024. Second, the bill establishes a new tax credit for in vitro fertilization (IVF) expenses, allowing individuals to claim a credit for medical costs related to IVF treatments for themselves or their spouse. The credit includes a provision to prevent "double benefit" by reducing the claimable amount if the same expenses are used for other tax deductions or credits. The IVF expenses credit would become effective immediately after the bill's enactment. These changes aim to provide financial support for families pursuing adoption and fertility treatments by offering tax relief for associated expenses.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/1427/all-info