Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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---|---|
Jan 06, 2010 |
referred to investigations and government operations |
Jan 07, 2009 |
referred to investigations and government operations |
Senate Bill S136
2009-2010 Legislative Session
Sponsored By
(D, WF) Senate District
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
Actions
co-Sponsors
(D) Senate District
2009-S136 (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd ยง606, Tax L
- Versions Introduced in 2011-2012 Legislative Session:
-
S1638
2009-S136 (ACTIVE) - Sponsor Memo
BILL NUMBER: S136 TITLE OF BILL : An act to amend the tax law, in relation to the establishment of a tax credit for the adoption of a child PURPOSE : To amend section 606 of the tax law to allow persons who adopt children to receive a tax credit. SUMMARY OF PROVISIONS : Section 606 of the tax law is amended to provide taxpayers who adopt children the option of claiming a tax credit for allowable adoption expenses. Section 2 defines "allowable adoption expenses" and "qualified adoption expenses". Section 3 clarifies the amount of allowable adoption expenses. JUSTIFICATION : In order to adopt a child there are high costs that potential adoptive parents would have to incur and therefore, many are discouraged. These high costs include, but are not limited to, adoption fees, court costs, attorney fees and travel expenses. This tax deduction would help to offset these "nonrecurring adoption expenses" and possibly encourage those people who want to adopt but are discouraged from doing so by the high costs associated with the adoption process.
2009-S136 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 136 2009-2010 Regular Sessions I N S E N A T E (PREFILED) January 7, 2009 ___________ Introduced by Sen. SAMPSON -- 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 the establishment of a 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 THE OPTION OF CLAIMING A CREDIT, TO BE COMPUTED AS PROVIDED IN PARAGRAPH THREE OF THIS SUBSECTION, AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR ALLOWABLE ADOPTION EXPENSES FOR EACH CHILD ADOPTED. (2) ALLOWABLE AND QUALIFIED ADOPTION EXPENSES. FOR THE PURPOSES OF THIS CREDIT, (A) THE TERM "ALLOWABLE ADOPTION EXPENSES" SHALL MEAN THE AMOUNT OF QUALIFIED NONRECURRING ADOPTION EXPENSES PAID BY THE TAXPAYER DURING THE TAXABLE YEAR FOR EACH CHILD ADOPTED, LIMITED TO TEN THOUSAND DOLLARS, AND (B) 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) AMOUNT OF CREDIT. IF ALLOWABLE ADOPTION EXPENSES ARE LESS THAN FIVE THOUSAND DOLLARS, THE AMOUNT OF THE CREDIT PROVIDED UNDER THIS SUBSECTION SHALL BE EQUAL TO THE APPLICABLE PERCENTAGE OF THE LESSER OF ALLOWABLE ADOPTION EXPENSES OR TWO HUNDRED DOLLARS. IF ALLOWABLE ADOPTION EXPENSES ARE FIVE THOUSAND DOLLARS OR MORE, THE AMOUNT OF THE CREDIT PROVIDED UNDER THIS SUBSECTION SHALL BE EQUAL TO THE APPLICABLE PERCENTAGE OF THE ALLOWABLE ADOPTION EXPENSES MULTIPLIED BY FOUR PERCENT. SUCH APPLICABLE PERCENTAGE SHALL BE TWENTY-FIVE PERCENT FOR TAXABLE YEARS BEGINNING IN TWO THOUSAND TEN, FIFTY PERCENT FOR TAXABLE YEARS BEGINNING IN TWO THOUSAND ELEVEN, SEVENTY-FIVE PERCENT FOR TAXABLE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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