An Act To Conform Maine Law with Federal Law Regarding Tax Credits for Adoptions
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 36 MRSA §5219-BB is enacted to read:
§ 5219-BB. Credit for adoptions
A taxpayer is allowed a credit against the tax imposed under this Part equal to 20% of the amount of credit allowed to the taxpayer for the taxable year under Section 23 of the Code with respect to qualified adoption expenses. The credit is nonrefundable and is subject to the same carry-forward provisions as are available under Section 23 of the Code.
Summary
This bill creates a state income tax credit equal to 20% of the federal income tax credit for qualified adoption expenses.