Limitations
(1) Dollar limitation
(1)Dollar limitation#
The aggregate amount of qualified adoption expenses which may be taken into account under subsection (a) for all taxable years with respect to the adoption of a child by the taxpayer shall not exceed $10,000.
(2)Income limitation#
(A) In general The amount allowable as a credit under subsection (a) for any taxable year (determined without regard to subsection (c)) shall be reduced (but not below zero) by an amount which bears the same ratio to the amount so allowable (determined without regard to this paragraph but with regard to paragraph (1)) as— (i) the amount (if any) by which the taxpayer’s adjusted gross income exceeds $150,000, bears to (ii) $40,000.
(B) Determination of adjusted gross income For purposes of subparagraph (A), adjusted gross income shall be determined without regard to sections 911, 931, and 933.
(2)(A)In general#
The amount allowable as a credit under subsection (a) for any taxable year (determined without regard to subsection (c)) shall be reduced (but not below zero) by an amount which bears the same ratio to the amount so allowable (determined without regard to this paragraph but with regard to paragraph (1)) as—
(i) the amount (if any) by which the taxpayer’s adjusted gross income exceeds $150,000, bears to
(ii) $40,000.
(2)(A)(i)#
the amount (if any) by which the taxpayer’s adjusted gross income exceeds $150,000, bears to
(2)(A)(ii)
(3)Denial of double benefit#
(A) In general No credit shall be allowed under subsection (a) for any expense for which a deduction or credit is allowed under any other provision of this chapter.
(B) Grants No credit shall be allowed under subsection (a) for any expense to the extent that funds for such expense are received under any Federal, State, or local program.
(3)(A)In general#
No credit shall be allowed under subsection (a) for any expense for which a deduction or credit is allowed under any other provision of this chapter.
(3)(B)Grants#
No credit shall be allowed under subsection (a) for any expense to the extent that funds for such expense are received under any Federal, State, or local program.