Bipartisan Lawmakers Propose Adoption Tax Credit Refundability Act

Recent legislative actions and proposals could significantly impact Americans’ tax burdens. For retirees, several tax breaks remain important, including deductions for unreimbursed medical expenses exceeding 7.5% of adjusted gross income and qualified charitable distributions from IRAs, which can be made tax-free if sent directly to a charity. Meanwhile, bipartisan lawmakers are advocating for the Adoption Tax Credit Refundability Act, which would make the adoption tax credit refundable, enabling more families to access the full benefit regardless of their tax liability. In Indiana, a new property tax cut signed into law may be offset by increases in local income taxes, with critics warning that the overall tax burden on residents may actually rise as local governments seek to recover lost revenue, while businesses benefit from expanded equipment tax exemptions.