A bill to amend the Internal Revenue Code of 1954 to provide exemptions for childbirth or adoption.

Summary

Amends the Internal Revenue Code to provide an additional personal tax exemption of $1,000 for each child born to, or adopted by, a taxpayer during the taxable year. Provides a $3,000 tax exemption in the case of: (1) a child who is born with a handicap; or (2) the adoption of a child (a) whose natural parents were not members of the same race or (b) who has attained the age of 6 or (c) who is handicapped. Allows an income tax deduction for adoption expenses of more than $500 paid or incurred by a taxpayer. Limits such deduction to $3,500 ($4,500 in the case of an international adoption).

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Documents

1 official file

• Introduced in House

  summary · EN · 26 June 1981

  Open at official source

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