Saturday, November 22, 2008
The General Assembly is not in session.
Tracking Virginia’s General Assembly
since 2007.
SJ377: Adoption; Department of Taxation to study current financial incentives in other states to support.
WHEREAS, the Federal Tax Credit for adoption (26 U.S.C. § 23) has been a major financial incentive for prospective parents who are considering adoption; and
WHEREAS, Virginia, in contrast to over a dozen other states, does not offer any state tax credits to support adoption; and
WHEREAS, multiple studies in Virginia, including those conducted pursuant to HJR 264 (1998), SJR 366 (1999), and SJR 331 (2005), have found that the financial expense of adoption and child-rearing is a barrier, especially to adopt children with special needs; and
WHEREAS, prior studies further project that the need to find homes to adopt children looms ever larger; now, therefore, be it
RESOLVED by the House of Delegates, the Senate concurring, That the Department of Taxation be requested to study current financial incentives in other states to support adoption. The Department shall compare tax credits in other states that mirror the federal tax credit to support adoption.
In conducting its study, the Department of Taxation shall examine tax credits, deductions, exemptions, and subsidy programs offered in other states to encourage adoption, including potential credits to pay for the college tuition of adopted children.
Technical assistance shall be provided to the Department of Taxation by the Department of Social Services. All agencies of the Commonwealth shall provide assistance to the Department of Taxation for this study, upon request.
The Department of Taxation shall complete its meetings by November 30, 2007, and shall submit to the Governor and the General Assembly an executive summary and a report of its findings and recommendations for publication as a House or Senate document. The executive summary and report shall be submitted as provided in the procedures of the Division of Legislative Automated Systems for the processing of legislative documents and reports no later than the first day of the 2008 Regular Session of the General Assembly and shall be posted on the General Assembly's website.
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