H.R.1515 - Fairness for Adopting Families Act102nd Congress (1991-1992)
|Sponsor:||Rep. Lehman, William [D-FL-17] (Introduced 03/20/1991)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 07/16/1991 For Further Action See H.R.2893. (All Actions)|
This bill has the status Introduced
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Summary: H.R.1515 — 102nd Congress (1991-1992)All Information (Except Text)
Introduced in House (03/20/1991)
Fairness for Adopting Families Act - Amends the Internal Revenue Code to permit an individual income tax deduction for qualified adoption expenses. Includes as deductible reasonable and necessary expenses that are directly related to a legal adoption of any child if the adoption has been arranged by a State, local, or other nonprofit agency, or through a private placement.
Excludes from an employee's gross income any amounts paid on behalf of the employee by an employer pursuant to a qualified adoption assistance program.
Limits both the deduction and the exclusion to $5,000 ($7,000 in the case of an international adoption). Reduces the amount when the taxpayer's income exceeds $60,000.
Permits an employer to treat an adoption assistance program as a statutory employee benefit plan, thus making the employer's contributions to such a program tax deductible as business expenses.