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Who cares
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Sponsors
2 Co-sponsors
History
- Referred to investigations and government operations
- Referred to investigations and government operations
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Establishes a foster child adoption tax credit
In Assembly Committee · Ways And Means · Sponsor Darryl Towns
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to the establishment of a tax credit for the adoption of a foster child
Purpose
To establish a $2,000 tax credit to help pay for the expenses associated with the adoption of a child.
Summary of provisions
Section 606 of the tax law is amended by adding a new section qq, qq (1) allows a tax credit for the adoption of a foster child by their foster parents.
Section 2 defines the term "foster child adoption".
Section 3 defines the amount of credit as $2,000.
Justification
Foster parents who open their homes and hearts to care for abused or neglected children should receive the help they require to provide stable environments for these young people. The process of permanently adopting a foster child is lengthy and expensive. The expenses involved with the adoption often drain a foster parent's resources to the point that home ownership becomes an unattainable dream. New York foster parents should not have to choose between home ownership and the children they have come to love and think of as their own. This legislation will help foster parents to become homeowners.
Existing law
There is currently no tax credit for adoptive parents who wish to become homeowners.
Legislative history
S.5916a of 2007 O5/23/07 Referred to Investigations & Governmental Operations
Fiscal implications
Unknown.
Local fiscal implications
Unknown.
Effective date
This act shall take effect immediately and shall apply to taxable years commencing on or after January 1, 2011.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.