To amend the Internal Revenue Code of 1986 to increase the amount of the adoption credit and to establish the in vitro fertilization expenses credit.

HR 1427 increases the federal adoption tax credit from $10,000 to $25,000 per child for both general adoptions and adoptions of children with special needs, effective for tax years beginning after December 31, 2024. It also creates a new tax credit for qualified in vitro fertilization (IVF) medical expenses, allowing taxpayers to claim a credit for IVF-related costs paid during the tax year. The bill includes a new inflation adjustment mechanism for the adoption credit starting in 2025 and specifies that IVF credit expenses cannot be claimed for other deductions or credits. This legislation directly affects individuals adopting children or undergoing IVF treatments who itemize deductions on their federal tax returns.