Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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---|---|
Jan 04, 2012 |
referred to investigations and government operations |
May 03, 2011 |
referred to investigations and government operations |
Senate Bill S5112
2011-2012 Legislative Session
Sponsored By
(R, C, IP) 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
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) - Sponsor Memo
BILL NUMBER:S5112 TITLE OF BILL: An act to amend the tax law, in relation to establishing a personal income tax credit for the adoption of a child PURPOSE: To establish a personal income tax credit of up to $2,500 for the expenses of legally adopting a child. SUMMARY OF PROVISIONS: Section 606 of the tax law is amended by adding a new subsection (t-2) to read as follows: A resident taxpayer shall be allowed a credit, not to exceed $2,500, against the tax imposed by this article for qualified adoption expenses for each child adopted. Qualified adoption expenses shall mean the expenses required for the legal adoption of a child by the taxpayer or the taxpayer's spouse. 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. JUSTIFICATION:
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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