California AB547 proposes a tax credit for in vitro fertilization expenses for qualified taxpayers.

California AB547 introduces a tax credit for in vitro fertilization expenses, applicable to qualified taxpayers. The credit allows for a deduction of up to $5,000 per taxable year for expenses not covered by insurance. Qualified taxpayers include those with an adjusted gross income not exceeding $150,000. The credit is effective for taxable years beginning on or after January 1, 2025, and before January 1, 2031. The Franchise Tax Board must report annually on the number of taxpayers and total credits allowed. The credit expires on December 1, 2030.

California AB547 proposes a tax credit for in vitro fertilization expenses for qualified taxpayers.

California AB547 introduces a tax credit for in vitro fertilization expenses, applicable to qualified taxpayers. The credit allows for a deduction of up to $5,000 per taxable year for expenses not covered by insurance. Qualified taxpayers include those with an adjusted gross income not exceeding $150,000. The credit is effective for taxable years beginning on or after January 1, 2025, and before January 1, 2031. The Franchise Tax Board must report annually on the number of taxpayers and total credits allowed. The credit expires on December 1, 2030.