Income taxes: credit: adoption costs.

The Personal Income Tax Law authorizes various credits against the taxes imposed by that law, including a credit in an amount equal to 50% of specified adoption costs, not to exceed $2,500 per minor child who is a citizen or legal resident of the United States and who is in the custody of a public agency in this state. This bill would, for taxable years beginning on or after January 1, 2010, and before January 1, 2015, increase the credit limitation to a maximum of $5,000 with respect to the adoption of a minor child, as described, who is over 12 years of age or who was living in a group home or residential treatment facility, as defined, for a period of at least 6 months within 18 months prior to the time the adoption is completed. This bill would take effect immediately as a tax levy.