Establishes the "Zero-Cost Adoption Fund Act" which establishes a fund to offset costs associated with adoption and a tax credit for any person who contributes to the fund
Impact
If enacted, HB 2547 will introduce significant changes to how adoption-related expenses are financially managed in the state. It allows for the creation of a tax credit program that enables qualified taxpayers, after making contributions to the fund, to receive a credit against their state tax liabilities. This structure is intended to encourage financial contributions from individuals and businesses towards adoption-related initiatives. This approach aims to alleviate the financial burden on prospective adoptive parents and enhance the overall capability of the state to care for children removed from their homes.
Summary
House Bill 2547, known as the 'Zero-Cost Adoption Fund Act,' aims to establish a fund to assist with the costs associated with adoption and provide tax credits to contributors. The bill proposes the creation of the 'Zero-Cost Adoption Fund,' which will be utilized for several purposes, including assisting residents with nonrecurring adoption expenses, offering post-adoption support, promoting adoption, and funding community interventions aimed at preventing children from entering foster care. The fund is expected to facilitate these goals through financial means while emphasizing the importance of community involvement in supporting adoptive families.
Sentiment
The sentiment surrounding HB 2547 appears to be largely positive among supporters who advocate for adoption reforms and increased financial assistance for families seeking to adopt. The proposed fund and tax credits are seen as a progressive move towards reducing the economic barriers that many face when considering adoption. However, there may also be concerns about the funding's sustainability and whether the proposed cap on tax credits, set initially at twenty-five million, will adequately meet the demand for such financial assistance over time.
Contention
A notable point of contention regarding HB 2547 is its reliance on state funds and the adequacy of resources allocated to the program. Critics may argue that without clear funding sources and rigorous oversight, there could be potential drawbacks in how the funds are utilized. Additionally, the automatic sunset clause included in the bill raises questions about the long-term viability of the program unless it is continuously reauthorized by the General Assembly. This could lead to uncertainty for potential adoptive families regarding the accessibility of the benefits provided by the fund.
Creates the Change of Venue for Capital Cases Fund to reimburse a county that receives a capital case from another county for costs associated with the sequestering of jurors