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Senate Bill S9886

2023-2024 Legislative Session

Creates an adoption tax credit

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Sponsored By

Archive: Last Bill Status - In Senate Committee Rules Committee

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2023-S9886 (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in 2025-2026 Legislative Session:
S4481

2023-S9886 (ACTIVE) - Summary

Creates an adoption tax credit in the amount of fifty percent of qualified adoption expenses, or ten thousand dollars, whichever is less.

2023-S9886 (ACTIVE) - Sponsor Memo

2023-S9886 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9886
 
                             I N  S E N A T E
 
                              August 2, 2024
                                ___________
 
 Introduced  by  Sen.  ASHBY  -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the tax law, in relation to  creating  an  adoption  tax
   credit
 
   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 (qqq) to read as follows:
   (QQQ)  ADOPTION TAX CREDIT. (1) A RESIDENT TAXPAYER SHALL BE ALLOWED A
 CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE  IN  AN  AMOUNT  EQUALING
 FIFTY PERCENT OF THE QUALIFIED ADOPTION EXPENSES PAID DURING THE TAXABLE
 YEAR  IN  CONJUNCTION  WITH  SUCH  TAXPAYER'S ADOPTION OF A CHILD OR TEN
 THOUSAND DOLLARS, WHICHEVER IS LESS. IF THE AMOUNT OF THE CREDIT  ALLOW-
 ABLE UNDER THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAY-
 ER'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)  FOR THE PURPOSES OF THIS SUBSECTION, THE TERM "QUALIFIED ADOPTION
 EXPENSES" SHALL MEAN THE REASONABLE AND NECESSARY ADOPTION  FEES,  COURT
 COSTS,  ATTORNEYS' FEES, AND OTHER EXPENSES THAT ARE DIRECTLY RELATED TO
 THE LEGAL ADOPTION OF A CHILD.
   § 2. This act shall take effect immediately and shall apply to taxable
 years beginning on and after January 1, 2025.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15975-01-4

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