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Sponsors
Senator · Senate District 40
No co-sponsors yet.
History
- Referred to investigations and government operations
- Referred to investigations and government operations
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5112
Title of bill
An act to amend the tax law, in relation to establishing a personal income tax credit for the adoption of a child
Purpose
To establish a personal income tax credit of up to $2,500 for the expenses of legally adopting a child.
Summary of provisions
Section 606 of the tax law is amended by adding a new subsection (t-2) to read as follows: A resident taxpayer shall be allowed a credit, not to exceed $2,500, against the tax imposed by this article for qualified adoption expenses for each child adopted. Qualified adoption expenses shall mean the expenses required for the legal adoption of a child by the taxpayer or the taxpayer's spouse. The credit under this subsection shall be allowed against the taxes imposed by this article for the taxable year reduced by the credits permitted by this article. If the credit exceeds the tax as so reduced, the taxpayer may receive, and the comptroller, subject to a certificate of the commissioner, shall pay as an overpayment, without interest, the amount of such excess.
Justification
Federal law currently allows for an adoption tax credit to assist with expenses paid prior to the year the adoption becomes final. A taxpayer who paid qualifying expenses in the current year for an adoption which became final in the current year, may be eligible to claim the credit for the expenses on the current year return, in addition to credit for expenses paid in a prior year. This bill would create a similar adoption tax credit for New York State. Currently, 19 other states have passed legislation providing some type of adoption tax credit to residents. Adoption is a most rewarding, yet expensive process which should be attainable to more families wishing to adopt a child. This bill will provide a state tax credit up to $2,500 for New York residents and alleviate some of the adoption costs.
Legislative history
New legislation.
Fiscal implications
None.
Effective date
This act shall take effect immediately and shall apply to taxable years beginning 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.