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Senate Bill S136

2009-2010 Legislative Session

Establishes tax credit for the adoption of a child

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

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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) - Summary

Establishes a tax credit for allowable expenses associated with the adoption of a child by a resident taxpayer; defines relevant terms.

2009-S136 (ACTIVE) - Sponsor Memo

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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