Us Congress 2023-2024 Regular Session

Us Congress Senate Bill SB2895 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	II
2	2	118THCONGRESS
3	3	1
4	4	STSESSION S. 2895
5	5	To amend the Internal Revenue Code of 1986 to provide for a refundable
6	6	adoption tax credit.
7	7	IN THE SENATE OF THE UNITED STATES
8	8	SEPTEMBER21, 2023
9	9	Mr. C
10	10	ASEY(for himself, Mr. CRAMER, Mr. BROWN, Mrs. CAPITO, Ms.
11	11	D
12	12	UCKWORTH, Mrs. FEINSTEIN, Mr. FETTERMAN, Mr. HAWLEY, Mrs.
13	13	H
14	14	YDE-SMITH, Mr. KELLY, Ms. KLOBUCHAR, Mr. LANKFORD, Mr.
15	15	L
16	16	UJA´N, Mr. RISCH, Mr. ROUNDS, Mr. RUBIO, Mr. SCOTTof South Caro-
17	17	lina, Ms. S
18	18	TABENOW, Mr. VANHOLLEN, Mr. WARNER, Ms. WARREN,
19	19	Mr. W
20	20	HITEHOUSE, Mr. WICKER, and Mr. WYDEN) introduced the fol-
21	21	lowing bill; which was read twice and referred to the Committee on Fi-
22	22	nance
23	23	A BILL
24	24	To amend the Internal Revenue Code of 1986 to provide
25	25	for a refundable adoption tax credit.
26	26	Be it enacted by the Senate and House of Representa-1
27	27	tives of the United States of America in Congress assembled, 2
28	28	SECTION 1. SHORT TITLE. 3
29	29	This Act may be cited as the ‘‘Adoption Tax Credit 4
30	30	Refundability Act of 2023’’. 5
31	31	SEC. 2. REFUNDABLE ADOPTION TAX CREDIT. 6
32	32	(a) C
33	33	REDITMADEREFUNDABLE.— 7
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36	36	•S 2895 IS
37	37	(1) CREDIT MOVED TO SUBPART RELATING TO 1
38	38	REFUNDABLE CREDITS .—The Internal Revenue 2
39	39	Code of 1986 is amended— 3
40	40	(A) by redesignating section 23 as section 4
41	41	36C, and 5
42	42	(B) by moving section 36C (as so redesig-6
43	43	nated) from subpart A of part IV of subchapter 7
44	44	A of chapter 1 to the location immediately be-8
45	45	fore section 37 in subpart C of part IV of sub-9
46	46	chapter A of chapter 1. 10
47	47	(2) C
48	48	ONFORMING AMENDMENTS .— 11
49	49	(A) Section 25(e)(1)(C) of such Code is 12
50	50	amended by striking ‘‘sections 23 and 25D’’ 13
51	51	and inserting ‘‘section 25D’’. 14
52	52	(B) Section 36C of such Code, as so redes-15
53	53	ignated, is amended— 16
54	54	(i) in subsection (b)(2)(A), by striking 17
55	55	‘‘(determined without regard to subsection 18
56	56	(c))’’, 19
57	57	(ii) by striking subsection (c), and 20
58	58	(iii) by redesignating subsections (d) 21
59	59	through (i) as subsections (c) through (h), 22
60	60	respectively. 23
61	61	(C) Section 137 of such Code is amend-24
62	62	ed— 25
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65	65	•S 2895 IS
66	66	(i) in subsection (d), by striking ‘‘sec-1
67	67	tion 23(d)’’ and inserting ‘‘section 2
68	68	36C(c)’’, and 3
69	69	(ii) in subsection (e), by striking ‘‘sub-4
70	70	sections (e), (f), and (g) of section 23’’ and 5
71	71	inserting ‘‘subsections (d), (e), and (f) of 6
72	72	section 36C’’. 7
73	73	(D) Section 1016(a)(26) of such Code is 8
74	74	amended by striking ‘‘23(g)’’ and inserting 9
75	75	‘‘36C(f)’’. 10
76	76	(E) Section 6211(b)(4)(A) of such Code is 11
77	77	amended by inserting ‘‘36C,’’ after ‘‘36B,’’. 12
78	78	(F) The table of sections for subpart A of 13
79	79	part IV of subchapter A of chapter 1 of such 14
80	80	Code is amended by striking the item relating 15
81	81	to section 23. 16
82	82	(G) Paragraph (2) of section 1324(b) of 17
83	83	title 31, United States Code, is amended by in-18
84	84	serting ‘‘36C,’’ after ‘‘36B,’’. 19
85	85	(H) Paragraph (33) of section 471(a) of 20
86	86	the Social Security Act (42 U.S.C. 671(a)) is 21
87	87	amended by striking ‘‘section 23’’ and inserting 22
88	88	‘‘section 36C’’. 23
89	89	(I) The table of sections for subpart C of 24
90	90	part IV of subchapter A of chapter 1 of the In-25
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93	93	•S 2895 IS
94	94	ternal Revenue Code of 1986 is amended by in-1
95	95	serting after the item relating to section 36B 2
96	96	the following new item: 3
97	97	‘‘Sec. 36C. Adoption expenses.’’.
98	98	(b) THIRD-PARTYAFFIDAVITS.—Section 36C(h) of 4
99	99	the Internal Revenue Code of 1986, as redesignated and 5
100	100	moved by subsection (a), is amended— 6
101	101	(1) by striking ‘‘such regulations’’ and inserting 7
102	102	‘‘such regulations and guidance’’, 8
103	103	(2) by striking ‘‘including regulations which 9
104	104	treat’’ and inserting ‘‘including regulations and 10
105	105	guidance which— 11
106	106	‘‘(1) treat’’, 12
107	107	(3) by striking the period at the end and insert-13
108	108	ing ‘‘, and’’, and 14
109	109	(4) by adding at the end the following: 15
110	110	‘‘(2) provide for a standardized third-party affi-16
111	111	davit for purposes of verifying a legal adoption— 17
112	112	‘‘(A) of a type with respect to which quali-18
113	113	fied adoption expenses may be paid or incurred, 19
114	114	or 20
115	115	‘‘(B) involving a child with special needs 21
116	116	for purposes of subsection (a)(3).’’. 22
117	117	(c) E
118	118	FFECTIVEDATE.—The amendments made by 23
119	119	this section shall apply to taxable years beginning after 24
120	120	December 31, 2022. 25
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123	123	•S 2895 IS
124	124	(d) TRANSITIONALRULETOTREATCARRYFORWARD 1
125	125	ASREFUNDABLECREDIT.—In the case of any excess de-2
126	126	scribed in section 23(c) of the Internal Revenue Code of 3
127	127	1986 with respect to any taxpayer for the taxable year 4
128	128	which precedes the first taxable year to which the amend-5
129	129	ments made by this section apply, such excess shall be 6
130	130	added to the credit allowable under section 36C(a) of such 7
131	131	Code with respect to such taxpayer for such first taxable 8
132	132	year. 9
133	133	Æ
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