Enacting the adoption savings account act, allowing individuals to establish adoption savings accounts with certain financial institutions, providing eligible expenses, requirements and restrictions for such accounts and establishing addition and subtraction modifications for contributions to such accounts under the Kansas income tax act.
Impact
The introduction of HB 2757 will amend existing Kansas law to incorporate provisions that dictate the establishment and management of adoption savings accounts. These accounts have specific rules governing eligible expenses, such as legal fees, medical expenses related to the birth and placement of the child, and living expenses during the pregnancy. These designated accounts aim to reduce the financial barriers associated with adoption, a factor often cited as a hindrance to prospective adoptive parents.
Summary
House Bill 2757, also known as the Adoption Savings Account Act, aims to facilitate the process of adopting children in Kansas by allowing individuals to establish designated savings accounts specifically for adoption-related expenses. This bill provides a structured means for prospective adoptive parents to save money in a tax-advantaged way, thus lessening the financial impact of adoption. Under this act, individuals can open adoption savings accounts with financial institutions and their contributions may be partially deductible under Kansas income tax regulations.
Contention
While the bill has received strong support, some concerns have been raised regarding the reliance on financial institutions for the administration of these accounts. Critics worry that this could place too much responsibility on financial institutions to determine eligibility and compliance with the respective rules. Additionally, there are discussions around the sufficiency of the monetary limits set on contributions, which may not reflect current adoption costs and could deter families from utilizing these savings accounts fully.
Voting_summary
The bill passed with overwhelming support in the House, showcasing a strong bipartisan effort with a vote of 122 in favor and only 1 against. This indicates a widespread belief in the importance of lowering financial barriers to adoption in Kansas, thereby potentially increasing the number of children placed in loving homes.
Enacting the insurance savings account act, allowing individuals and corporations to establish insurance savings accounts with certain financial institutions, providing eligible expenses, requirements and restrictions for such accounts and establishing addition and subtraction modifications under the Kansas income tax act.
Enacting the insurance savings account act, allowing individuals and corporations to establish insurance savings accounts with certain financial institutions, providing eligible expenses, requirements and restrictions for such accounts and establishing addition and subtraction modifications under the Kansas income tax act.
Establishing the Kansas employee emergency savings account (KEESA) program to allow eligible employers to establish employee savings accounts, providing an income and privilege tax credit for certain eligible employer deposits to such employee savings accounts and providing a subtraction modification for certain employee deposits to such savings accounts.
Establishes the New York state energy savings program authorizing the establishment of energy savings accounts; establishes a personal income tax deduction for deposits into such accounts.
Enacting the Kansas retirement investment and savings plan (KRISP) act and establishing terms, conditions, requirements, membership elections, accounts, benefits, contributions and distributions related to such plan.
Clarifying modifications for certain business interest expenses and federal net operating loss carrybacks and providing a technical change to a statutory cross reference for recaptured moneys related to adoption savings accounts for purposes of Kansas income tax.
Providing for the establishment of first-time homebuyer savings accounts for first-time homebuyers in this Commonwealth; establishing the First-time Homebuyer Savings Account Program and the First-time Homebuyer Savings Account Fund; and imposing duties on the Treasury Department.
Disabilities: other; designation of a survivor beneficiary for ABLE accounts and exemption from Medicaid estate recovery program; provide for. Amends secs. 2, 7, 8 & 17 of 2015 PA 160 (MCL 206.982 et seq.). TIE BAR WITH: HB 5922'26