H.R.3286 - Adoption Promotion and Stability Act of 1996104th Congress (1995-1996)
Summary: H.R.3286 — 104th Congress (1995-1996)
Reported to Senate amended, 2nd committee reporting (06/24/1996)
TABLE OF CONTENTS:
Title I: Credit for Adoption Expenses
Title II: Interethnic Adoption
Title IV (sic): Revenue Offsets
Adoption Promotion and Stability Act of 1996 - Title I: Credit for Adoption Expenses - Amends the Internal Revenue Code to allow for a limited adoption credit of up to $5,000 ($6,000, in the case of a child with special needs). Excludes from an employee's gross income up to $5,000 ($6,000, in the case of a child with special needs) of amounts paid by the employer for adoption expenses. Prohibits a double benefit. Mandates a study concerning such credit and exclusion.
Title II: Interethnic Adoption - Amends part E of title IV (Foster Care and Adoption Assistance) of the Social Security Act to prohibit any State or entity receiving Federal adoption or foster care assistance from limiting an adoption because of race, color, or national origin.
Title IV (sic): Revenue Offsets - Amends the Internal Revenue Code to: (1) repeal the reserve method of accounting for bad debts by thrift institutions; and (2) revise the income forecast method of determining depreciation deductions.