KS
Kansas House Bill HB2757

Kansas 2023-2024 Regular Session

Kansas House Bill HB2757

Introduced
2/7/24  
Refer
2/7/24  
Report Pass
3/18/24  
Engrossed
3/27/24  
Refer
3/28/24  

Caption

Enacting the adoption savings account act, allowing individuals to establish adoption savings accounts with certain financial institutions, providing eligible expenses, requirements and restrictions for such accounts and establishing addition and subtraction modifications for contributions to such accounts under the Kansas income tax act.

Impact

The introduction of HB 2757 will amend existing Kansas law to incorporate provisions that dictate the establishment and management of adoption savings accounts. These accounts have specific rules governing eligible expenses, such as legal fees, medical expenses related to the birth and placement of the child, and living expenses during the pregnancy. These designated accounts aim to reduce the financial barriers associated with adoption, a factor often cited as a hindrance to prospective adoptive parents.

Summary

House Bill 2757, also known as the Adoption Savings Account Act, aims to facilitate the process of adopting children in Kansas by allowing individuals to establish designated savings accounts specifically for adoption-related expenses. This bill provides a structured means for prospective adoptive parents to save money in a tax-advantaged way, thus lessening the financial impact of adoption. Under this act, individuals can open adoption savings accounts with financial institutions and their contributions may be partially deductible under Kansas income tax regulations.

Contention

While the bill has received strong support, some concerns have been raised regarding the reliance on financial institutions for the administration of these accounts. Critics worry that this could place too much responsibility on financial institutions to determine eligibility and compliance with the respective rules. Additionally, there are discussions around the sufficiency of the monetary limits set on contributions, which may not reflect current adoption costs and could deter families from utilizing these savings accounts fully.

Voting_summary

The bill passed with overwhelming support in the House, showcasing a strong bipartisan effort with a vote of 122 in favor and only 1 against. This indicates a widespread belief in the importance of lowering financial barriers to adoption in Kansas, thereby potentially increasing the number of children placed in loving homes.

Latest HB2757 Activity

Companion Bills

No companion bills found.

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