IVF Access and Affordability Act

Tax Credit for Fertility Expenses: Eligible individuals can receive a credit against their tax for expenses paid or incurred for assisted reproductive technology during the taxable year (Section 2, subsection a).

Increased Credit for Couples: For individuals filing a joint return or a surviving spouse where both incur expenses, the dollar limit increases to $40,000 (Section 2, subsection b, paragraph 1, subparagraph B).

Carryforward of Unused Credits: If the credit exceeds certain limitations, the excess can be carried forward to succeeding taxable years for up to five years (Section 2, subsection c, paragraph 1 and 2).

Dollar Limitations on Credit: The credit is capped at $20,000 for an individual per taxable year (Section 2, subsection b, paragraph 1, subparagraph A).

Income Reductions: The amount of the credit is reduced based on a ratio determined by how much the taxpayer's adjusted gross income exceeds $200,000, or $400,000 for joint returns (Section 2, subsection b, paragraph 2).

Denial of Credit for Insurance Reimbursed Expenses: No credit is allowed for expenses that are reimbursed through an insurance policy or otherwise (Section 2, subsection b, paragraph 3, subparagraph B).

Denial of Double Benefits: The credit is not allowed if the expense was already used for a deduction or another credit, or if a dependent has already claimed a credit for the same expense (Section 2, subsection b, paragraph 3; Section 2, subsection f, paragraph 2).