KY state lawmaker files bill to make adoption more affordable fo - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

KY state lawmaker files bill to make adoption more affordable for families

(Source: Kentucky Legislative Research Commission) (Source: Kentucky Legislative Research Commission)
FRANKFORT, KY (KFVS) -

Kentucky House Democratic Leader Rocky Adkins filed House Bill 295 on Friday, a proposal that would create a Kentucky income tax credit to offset adoption costs.

“I have had a number of constituents approach me about ways to offset the cost of adopting, which can be very expensive,” said Adkins. “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.”

The credit authorized in HB 295 is largely modeled after the federal adoption tax credit. Allowable expenses are defined under federal law, and the state law credit is equal to 20 percent of the federal credit.

The credit offsets an individual’s income tax up to the amount of the year’s tax liability, but the difference between the amount of the credit and that tax liability may be carried forward for five years. This means that the taxpayer may claim the credit against future year taxes until the amount of the credit is exhausted or until the five years have passed, whichever comes first.

“Families adopt for many reasons,” said Rep. Adkins. “Whatever the reason, the decision to adopt is often a sacrifice on a number of levels, not the least of which is financial. I hope that this bill, if enacted, would encourage more families to adopt by providing a modest offset of the very significant costs they bear.”

House Bill 295 will be referred to a House Standing Committee, most likely the Committee on Appropriations and Revenue, within the next week, where it may be considered for referral to the House Floor for passage.

Rep. Rocky Adkins represents Elliott, Lewis and Rowan Counties in the 99th House District.

Download the KFVS News app: iPhone | Android

Copyright 2017 KFVS. All rights reserved.

  • Heartland NewsMore>>

  • Man drowns in Lake Wappapello has been identified

    Man drowns in Lake Wappapello has been identified

    Sunday, July 22 2018 11:09 PM EDT2018-07-23 03:09:33 GMT
    MSHP is assisting in searching for a person who did not resurface. (Source: KFVS)MSHP is assisting in searching for a person who did not resurface. (Source: KFVS)

    A search is underway for a missing swimmer at Lake Wappapello.

    A search is underway for a missing swimmer at Lake Wappapello.

  • Opening Minds through Art program for those with neurocognitive disorders

    Opening Minds through Art program for those with neurocognitive disorders

    Sunday, July 22 2018 10:40 PM EDT2018-07-23 02:40:20 GMT
    (Source: SSM Health)(Source: SSM Health)
    (Source: SSM Health)(Source: SSM Health)

    SSM Health Good Samaritan Hospital in Mt. Vernon is collaborating with Cedarhurst Center for Arts to conduct the "Opening Minds through Art" program for those living with neurocognitive disorders. The program will meet Wednesday mornings 10:30 - 11:30 a.m. Aug. 8 to Sept. 26 at the Shrode Art Center at Cedarhurst Center for the Arts in Mt. Vernon. Download the KFVS News app: iPhone | Android The eight-week program is accepting volunteers, which do...

    SSM Health Good Samaritan Hospital in Mt. Vernon is collaborating with Cedarhurst Center for Arts to conduct the "Opening Minds through Art" program for those living with neurocognitive disorders. The program will meet Wednesday mornings 10:30 - 11:30 a.m. Aug. 8 to Sept. 26 at the Shrode Art Center at Cedarhurst Center for the Arts in Mt. Vernon. Download the KFVS News app: iPhone | Android The eight-week program is accepting volunteers, which do...

  • Southeastern Illinois College holds first Career Exploration Camp

    Southeastern Illinois College holds first Career Exploration Camp

    Sunday, July 22 2018 9:54 PM EDT2018-07-23 01:54:17 GMT
    source: Raycom Mediasource: Raycom Media
    source: Raycom Mediasource: Raycom Media

    This summer, middle-school students have the opportunity to begin exploring various career options available in the world.

    This summer, middle-school students have the opportunity to begin exploring various career options available in the world.

Powered by Frankly