Sec. 1302. Repeal of credit for adoption expenses

417 words·~2 min read·/bill/113/hr/1/ih/section-1302

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Subpart A of part IV of subchapter A of chapter 1 is amended by striking section 23 (and by striking the item relating to such section in the table of sections for such subpart). Section 137 is amended by striking subsections

(d)and (e). Subsections

(d)and

(e)of section 23 (prior to being stricken by subsection (a)) are each moved to section 137 (after amendment by paragraph (1)) and inserted after subsection

(c)as new subsections

(d)and (e), respectively. Section 137(d)(1)(D), as amended by paragraphs

(1)and (2), is amended by inserting (determined without regard to reimbursements under this section) before the period at the end. Section 137(e), as amended by paragraphs

(1)and (2), is amended by striking (as defined in section 217(h)(3)) and inserting (or any possession of the United States) . Section 137 is amended by redesignating subsection

(f)as subsection (h), and by inserting before subsection

(h)(as so redesignated) the following new subsections: If the taxpayer is married at the close of the taxable year, subsection

(a)shall apply to the taxpayer only if the taxpayer and the taxpayer’s spouse file a joint return for the taxable year. Rules similar to the rules of subsections

(a)and

(b)of section 7703 shall apply for purposes of this section. Subsection

(a)shall apply with respect to any child only if the taxpayer includes (if known) the name, age, and TIN of such child on the return of tax for the taxable year. The Secretary may, in lieu of the information referred to in subparagraph (A), require other information meeting the purposes of subparagraph (A), including identification of an agent assisting with the adoption. For purposes of this subtitle, if the amount of any expenditure with respect to any property is excluded from gross income under this section, the increase in the basis of such property which would (but for this subsection) result from such expenditure shall be reduced by the amount of such expenditure which is so excluded. . Section 1016(a)(26) is amended by striking sections 23(g) and 137(e) and inserting section 137(g) . The amendments made by this section shall apply to amounts paid or incurred after December 31, 2014. For purposes of paragraph (1), any amount treated as paid by the taxpayer under section 23(a)(3) of the Internal Revenue Code of 1986 (as in effect before its repeal by subsection (a)) shall be treated as paid on the date that the adoption referred to in such section becomes final.