 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          4481
 
                               2025-2026 Regular Sessions
 
                    IN SENATE
 
                                    February 5, 2025
                                       ___________
 
        Introduced  by Sens. ASHBY, WEBER -- read twice and ordered printed, and
          when printed to be committed to the Committee on Budget and Revenue
 
        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, 2026.
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08939-01-5
Creates an adoption tax credit

What's Happening

Why It Matters
