Senate Bill S5112

2011-2012 Legislative Session

Establishes a personal income tax credit of up to $2,500 for the expenses of legally adopting a child

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2011-S5112 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in 2013-2014 Legislative Session:
S3509

2011-S5112 (ACTIVE) - Summary

Establishes a personal income tax credit of up to $2,500 for the expenses of legally adopting a child.

2011-S5112 (ACTIVE) - Sponsor Memo

2011-S5112 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5112

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               May 3, 2011
                               ___________

Introduced  by  Sen.  BALL  --  read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law, in  relation  to  establishing  a  personal
  income tax credit for the adoption of a child

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1.  Section 606 of the tax law is  amended  by  adding  a  new
subsection (t-2) to read as follows:
  (T-2)  ADOPTION  CREDIT.  (1)  GENERAL.  A  RESIDENT TAXPAYER SHALL BE
ALLOWED A CREDIT, NOT TO  EXCEED  TWO  THOUSAND  FIVE  HUNDRED  DOLLARS,
AGAINST  THE TAX IMPOSED BY THIS ARTICLE FOR QUALIFIED ADOPTION EXPENSES
FOR EACH CHILD ADOPTED.
  (2) QUALIFIED ADOPTION EXPENSES. FOR THE PURPOSES OF THIS  SUBSECTION,
THE  TERM "QUALIFIED ADOPTION EXPENSES" SHALL MEAN THE EXPENSES REQUIRED
FOR THE LEGAL ADOPTION OF A CHILD BY  THE  TAXPAYER  OR  THE  TAXPAYER'S
SPOUSE.
  (3)  REFUNDABILITY.  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.
  S 2. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2011.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11313-01-1

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