Bill Text: NY A01583 | 2023-2024 | General Assembly | Introduced

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Bill Title: Establishes that a resident taxpayer shall be allowed a credit against the tax in an amount equaling thirty percent of the qualified adoption expenses paid during the taxable year in conjunction with the taxpayer's adoption of a handicapped child or a hard to place child or five thousand dollars whichever is less.

Spectrum: Slight Partisan Bill (Democrat 9-3)

Status: (Introduced) 2024-01-10 - enacting clause stricken [A01583 Detail]

Download: New_York-2023-A01583-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          1583

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    January 17, 2023
                                       ___________

        Introduced by M. of A. JOYNER -- read once and referred to the Committee
          on Ways and Means

        AN  ACT  to  amend the tax law, in relation to allowing a tax credit for
          the adoption of special needs children

          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 (ooo) to read as follows:
     3    (ooo) Adoption of special needs children tax credit.  (1)  A  resident
     4  taxpayer shall be allowed a credit against the tax imposed by this arti-
     5  cle  in  an  amount  equaling  thirty  percent of the qualified adoption
     6  expenses paid during the taxable year in conjunction with the taxpayer's
     7  adoption of a handicapped child or a hard to place child or  five  thou-
     8  sand  dollars,  whichever is less. If the amount of the credit allowable
     9  under this subsection for any taxable year shall exceed  the  taxpayer's
    10  tax  for such year, the excess shall be treated as an overpayment of tax
    11  to be credited or refunded in accordance with the provisions of  section
    12  six  hundred  eighty-six  of  this  article,  provided, however, that no
    13  interest shall be paid thereon.
    14    (2) The following terms shall have the following meanings: (A)  "Hand-
    15  icapped  child" and "hard to place child" shall have the same meaning as
    16  in section four hundred fifty-one of the social  services  law  and  the
    17  regulations promulgated thereunder.
    18    (B) "Qualified adoption expenses" shall mean the reasonable and neces-
    19  sary  adoption  fees,  court  costs, attorneys' fees, and other expenses
    20  that are directly related to the legal adoption of a  handicapped  child
    21  or  hard  to  place child by the taxpayer for which the taxpayer has not
    22  received a subsidy, reimbursement or federal tax credit under the inter-
    23  nal revenue code, provided, however, that such costs shall  not  include
    24  any costs associated with litigation.
    25    § 2. This act shall take effect immediately and shall apply to taxable
    26  years beginning on and after January 1, 2024.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05302-01-3