Fairness for Adopting Families Act

Summary

Fairness for Adopting Families Act - Amends the Internal Revenue Code to permit an individual income tax deduction for qualified adoption expenses. Includes as deductible all reasonable and necessary expenses that do not violate a Federal or State law and that are directly related to a legal adoption of any child if the adoption has been arranged by a State or local agency or other nonprofit agency, or through a private placement. Limits the deduction to $5,000 per adopted child. Reduces the amount of the deduction when the taxpayer's income exceeds $60,000. Disallows such a deduction for expenses in connection with: (1) the adoption of a stepchild; or (2) travel outside the United States unless the travel is required as a condition of the child's adoption, to assess the child's health and status, or to escort the child back to the United States. Excludes from an employee's gross income any amounts paid on behalf of the employee by an employer pursuant to a qualified adoption assistance program. Limits the exclusion to $5,000. Reduces the amount excluded when the taxpayer's income exceeds $60,000. Permits an employer to treat an adoption assistance program as a statutory employee benefit plan, thus making the employer's contributions to such a program tax deductible as business expenses.

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1 official file

• Introduced in Senate

  summary · EN · 30 September 1987

  Open at official source

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