Plain English Breakdown
The official text contains conflicting date ranges (2025-2030 and 2026-2031) likely due to amendments; the final effective dates cannot be confirmed from this excerpt alone.
Tax Credit for In Vitro Fertilization Costs
AB-547 creates a state income tax credit of up to $5,000 for qualified taxpayers who pay for in vitro fertilization during specific years.
What This Bill Does
- Allows a tax credit against personal income taxes for costs related to in vitro fertilization.
- Limits the total credit amount to $5,000 per taxable year.
- Applies only to expenses paid or incurred between January 1, 2026, and December 31, 2030.
- Requires specific goals, performance indicators, and data collection rules for this new tax credit.
Who It Names or Affects
- Qualified taxpayers as defined by the bill
- Individuals paying or incurring costs for in vitro fertilization
Terms To Know
- Tax Credit
- An amount that reduces the total tax a person owes to the government.
- In Vitro Fertilization
- A medical procedure defined by this bill for which expenses may be credited.
- Taxable Year
- The 12-month period when a person reports their income and pays taxes.
Limits and Unknowns
- The exact definition of 'qualified taxpayer' is not detailed in the provided text.
- The specific list of expenses that count as qualified costs for this credit is not listed here.
- The source material shows conflicting dates (2025-2030 vs 2026-2031) due to amendments, so the exact start and end years are unclear.