|Committee: Ways and Means Education||Sponsor: Shaver|
|Analyst: Tiffany Weaver||Date: 03/24/2022|
House Bill 487 as introduced could decrease income tax receipts to the Education Trust Fund by an estimated maximum of $3.8 million annually, beginning in Fiscal Year 2024 by expanding the current income tax credit for certain adoptions to: 1) allow adoptions by private individuals without an agency to qualify for the credit; and 2) increase the amount of the credit from $1,000 to $2,000 per adoption, where the adoptee is a resident of Alabama.
This bill could also decrease foster care board payment expenses by the Department of Human Resources (DHR), funded from the Alabama Public Welfare Trust Fund, by $6,600 annually for each child in DHR adopted pursuant to this bill.
|Danny Garrett, Chair|
Ways and Means Education