Bill Text: NY A09002 | 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: Moderate Partisan Bill (Democrat 4-1)

Status: (Introduced) 2024-02-01 - referred to ways and means [A09002 Detail]

Download: New_York-2023-A09002-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          9002

                   IN ASSEMBLY

                                    February 1, 2024
                                       ___________

        Introduced  by M. of A. TAPIA -- 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 (ppp) to read as follows:
     3    (ppp)  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.
                                                                   LBD05302-02-4