|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jun 20, 2018||committed to rules|
|May 22, 2018||advanced to third reading|
|May 16, 2018||2nd report cal.|
|May 15, 2018||1st report cal.1236|
|Mar 06, 2018||reported and committed to finance|
|Jan 11, 2018||referred to investigations and government operations|
senate Bill S7382
Archive: Last Bill Status - In Senate Committee Rules Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S7382 - Details
S7382 - Summary
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.
S7382 - Sponsor Memo
BILL NUMBER: S7382 SPONSOR: GOLDEN TITLE OF BILL: An act to amend the tax law, in relation to allowing a tax credit for the adoption of special needs children PURPOSE OR GENERAL IDEA OF BILL: To create a tax credit for taxpayers who adopt a special needs child. SUMMARY OF PROVISIONS: Section one of this bill provides that a resident tax payer shall be allowed a refundable tax credit in the amount of $5000 or thirty percent of the qualified adoption expenses, whichever is lesser, paid during the taxable year by a tax payer who adopts a "handicapped" or "hard to place" child. The definition of the terms "handicapped child" and "hard to place child" are the same as the definitions found in Social Services Law section 451 and the regulations promulgated thereunder.
S7382 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7382 I N S E N A T E January 11, 2018 ___________ Introduced by Sen. GOLDEN -- 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 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: Section 1. Section 606 of the tax law is amended by adding a new subsection (iii) to read as follows: (III) ADOPTION OF SPECIAL NEEDS CHILDREN TAX CREDIT. (1) A RESIDENT TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTI- CLE 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 THOU- SAND DOLLARS, WHICHEVER IS LESS. IF THE AMOUNT OF THE CREDIT ALLOWABLE UNDER THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON. (2) THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: (A) "HAND- ICAPPED CHILD" AND "HARD TO PLACE CHILD" SHALL HAVE THE SAME MEANING AS IN SECTION FOUR HUNDRED FIFTY-ONE OF THE SOCIAL SERVICES LAW AND THE REGULATIONS PROMULGATED THEREUNDER. (B) "QUALIFIED ADOPTION EXPENSES" SHALL MEAN THE REASONABLE AND NECES- SARY ADOPTION FEES, COURT COSTS, ATTORNEYS' FEES, AND OTHER EXPENSES THAT ARE DIRECTLY RELATED TO THE LEGAL ADOPTION OF A HANDICAPPED CHILD OR HARD TO PLACE CHILD BY THE TAXPAYER FOR WHICH THE TAXPAYER HAS NOT RECEIVED A SUBSIDY, REIMBURSEMENT OR FEDERAL TAX CREDIT UNDER THE INTER- NAL REVENUE CODE, PROVIDED, HOWEVER, THAT SUCH COSTS SHALL NOT INCLUDE ANY COSTS ASSOCIATED WITH LITIGATION. § 2. This act shall take effect immediately and shall apply to taxable years beginning on and after January 1, 2018. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.
By contributing or voting you agree to the Terms of Participation and verify you are over 13.