Bill Text: NJ S1103 | 2010-2011 | Regular Session | Introduced

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Bill Title: Allows taxpayers to deduct adoption expenses from gross income.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2010-02-04 - Introduced in the Senate, Referred to Senate Health, Human Services and Senior Citizens Committee [S1103 Detail]

Download: New_Jersey-2010-S1103-Introduced.html

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SENATE, No. 1103

STATE OF NEW JERSEY

214th LEGISLATURE

 

INTRODUCED FEBRUARY 4, 2010

 

 

Sponsored by:

Senator  ANTHONY R. BUCCO

District 25 (Morris)

 

 

 

 

SYNOPSIS

     Allows taxpayers to deduct adoption expenses from gross income.

 

CURRENT VERSION OF TEXT

     As introduced.

  

An Act concerning adoption and supplementing Title 54A of the New Jersey Statutes.

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     1.  a.  A taxpayer or a married couple filing a joint tax return shall be allowed to deduct from their gross income, adoption expenses that were paid or incurred during the taxable year.  The amount of adoption expenses which may be deducted shall not exceed $5,000 per taxable year.

     b.  The deduction allowed under this section shall not apply to a taxpayer or a married couple filing a joint tax return with a gross income exceeding $115,000.

     c.  For purposes of this section, "adoption expenses" means reasonable and necessary adoption fees, court costs, attorney fees, and other expenses directly related to and for the principal purpose of the adoption of a child; and "taxpayer or a married couple" shall include, but is not limited to, a foster parent who chooses to adopt a child who has been placed in the foster parent's care by the Division of Youth and Family Services in the Department of Children and Families.

 

     2.  This act shall take effect immediately and shall apply to taxable years beginning on or after January 1, 2010.

 

 

STATEMENT

 

     This bill allows taxpayers or married couples filing joint tax returns, whose gross income does not exceed $115,000 to deduct adoption expenses from their gross income.  Under the provisions of the bill, the deduction cannot exceed $5,000 per taxable year.

     The bill also provides that the tax deduction be available to foster parents who choose to adopt a child.