[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 622 Engrossed in House (EH)]

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
107th CONGRESS
  1st Session
                                H. R. 622

_______________________________________________________________________

                                 AN ACT


 
   To amend the Internal Revenue Code of 1986 to expand the adoption 
                    credit, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Hope for Children Act''.

SEC. 2. INCREASED TAX INCENTIVES FOR ADOPTIONS.

    (a) Increase in Maximum Benefit.--Section 23(b)(1) of the Internal 
Revenue Code of 1986 (relating to dollar limitation) is amended by 
striking ``$5,000'' and all that follows and inserting ``$10,000.''.
    (b) Benefits Made Permanent for All Children.--Paragraph (2) of 
section 23(d) of such Code is amended to read as follows:
            ``(2) Eligible child.--The term `eligible child' means any 
        individual who--
                    ``(A) has not attained age 18, or
                    ``(B) is physically or mentally incapable of caring 
                for himself.''.
    (c) Increase in Phaseout.--Clause (i) of section 23(b)(2)(A) of 
such Code (relating to income limitation) is amended by striking 
``$75,000'' and inserting ``$150,000''.
    (d) Credit Allowed Against Alternative Minimum Tax.--
            (1) In general.--Subsection (b) of section 23 of such Code 
        is amended by adding at the end the following new paragraph:
            ``(4) Limitation based on amount of tax.--The credit 
        allowed under subsection (a) for any taxable year shall not 
        exceed the excess of--
                    ``(A) the sum of the regular tax liability (as 
                defined in section 26(b)) plus the tax imposed by 
                section 55, over
                    ``(B) the sum of the credits allowable under this 
                subpart (other than this section) and section 27 for 
                the taxable year.''.
            (2) Conforming amendments.--
                    (A) Subsection (c) of section 23 of such Code is 
                amended--
                            (i) by striking ``section 26(a)'' and 
                        inserting ``subsection (b)(4)''; and
                            (ii) by striking ``reduced by the sum of 
                        the credits allowable under this subpart (other 
                        than this section and section 1400C)''.
                    (B) Paragraph (1) of section 26(a) of such Code is 
                amended by inserting ``(other than section 23)'' after 
                ``this subpart''.
                    (C) Section 904(h) of such Code is amended by 
                inserting ``(other than section 23)'' after 
                ``chapter''.
                    (D) Subsection (d) of section 1400C of such Code is 
                amended by inserting ``and section 23'' after ``this 
                section''.
    (e) Amendments Related to Employer-Provided Adoption Assistance.--
            (1) Paragraph (1) of section 137(b) of such Code is amended 
        by striking ``$5,000'' and all that follows and inserting 
        ``$10,000.''.
            (2) Subparagraph (A) of section 137(b)(2) of such Code is 
        amended by striking ``$75,000'' and inserting ``$150,000''.
            (3) Section 137 of such Code is amended by striking 
        subsection (f) (relating to termination).
    (f) Effective Date.--
            (1) In general.--Except as provided in paragraph (2), the 
        amendments made by this section shall apply to taxable years 
        beginning after December 31, 2001.
            (2) Expenses paid or incurred in prior years.--Expenses 
        paid or incurred during any taxable year beginning before 
        January 1, 2002, may be taken into account in determining the 
        credit under section 23 of the Internal Revenue Code of 1986 
        for a taxable year beginning on or after such date only to the 
        extent the aggregate of such expenses does not exceed the 
        applicable limitation under section 23(b)(1) of such Code as in 
        effect on the day before the date of the enactment of this Act.

            Passed the House of Representatives May 17, 2001.

            Attest:

                                   Jeff Trandahl,

                                                                 Clerk.

                       By

                                                          Deputy Clerk.
107th CONGRESS

  1st Session

                               H. R. 622

_______________________________________________________________________

                                 AN ACT

   To amend the Internal Revenue Code of 1986 to expand the adoption 
                    credit, and for other purposes.