House approves Georgia adoption tax credit increase
The Georgia House approved a bill Monday that would increase foster care adoption tax credits in the state.
House Bill 114 increases the annual tax incentive for adopting a foster child from $2,000 to $6,000. Proponents of the bill, including Gov. Brian Kemp, hope the legislation encourages more Georgians to adopt foster children.
The bill cleared the House, 158-0, without debate.
Officials estimate the measure could result in a state revenue loss of $4.8 million over the next five years. According to a fiscal note from the Department of Audits and Accounts, if HB 114 becomes law, it could decrease state tax revenues by $400,000 in fiscal year 2022 and grow to up to $1.5 million by fiscal year 20…
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