Bill Text: NY S09886 | 2023-2024 | General Assembly | Introduced

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Bill Title: Creates an adoption tax credit in the amount of fifty percent of qualified adoption expenses, or ten thousand dollars, whichever is less.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced) 2024-08-02 - REFERRED TO RULES [S09886 Detail]

Download: New_York-2023-S09886-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          9886

                    IN SENATE

                                     August 2, 2024
                                       ___________

        Introduced  by  Sen.  ASHBY  -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules

        AN ACT to amend the tax law, in relation to  creating  an  adoption  tax
          credit

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
     2  subsection (qqq) to read as follows:
     3    (qqq)  Adoption tax credit. (1) A resident taxpayer shall be allowed a
     4  credit against the tax imposed by this article  in  an  amount  equaling
     5  fifty percent of the qualified adoption expenses paid during the taxable
     6  year  in  conjunction  with  such  taxpayer's adoption of a child or ten
     7  thousand dollars, whichever is less. If the amount of the credit  allow-
     8  able under this subsection for any taxable year shall exceed the taxpay-
     9  er's tax for such year, the excess shall be treated as an overpayment of
    10  tax  to  be  credited  or  refunded in accordance with the provisions of
    11  section six hundred eighty-six of this article, provided, however,  that
    12  no interest shall be paid thereon.
    13    (2)  For the purposes of this subsection, the term "qualified adoption
    14  expenses" shall mean the reasonable and necessary adoption  fees,  court
    15  costs,  attorneys' fees, and other expenses that are directly related to
    16  the legal adoption of a child.
    17    § 2. This act shall take effect immediately and shall apply to taxable
    18  years beginning on and after January 1, 2025.




         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15975-01-4