New York S 4481: Creates an adoption tax credit

Bill Text

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S04481 Summary:

BILL NOS04481 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORASHBY

&nbsp

COSPNSRWEBER

&nbsp

MLTSPNSR

&nbsp

Amd §606, Tax L

&nbsp

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

Go to top S04481 Actions:

BILL NOS04481 

&nbsp

02/05/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS04481 Committee&nbspVotes:

Go to topS04481 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS04481 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4481

 2025-2026 Regular Sessions

 IN SENATE

 February 5, 2025
 ___________

 Introduced by Sens. ASHBY, WEBER -- read twice and ordered printed, and
 when printed to be committed to the Committee on Budget and Revenue

 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:

 1 Section 1. Section 606 of the tax law is amended by adding a new
 2 subsection (qqq) to read as follows:
 3 (qqq) Adoption tax credit. (1) A resident taxpayer shall be allowed a
 4 credit against the tax imposed by this article in an amount equaling
 5 fifty percent of the qualified adoption expenses paid during the taxable
 6 year in conjunction with such taxpayer's adoption of a child or ten
 7 thousand dollars, whichever is less. If the amount of the credit allow-
 8 able under this subsection for any taxable year shall exceed the taxpay-
 9 er's tax for such year, the excess shall be treated as an overpayment of
 10 tax to be credited or refunded in accordance with the provisions of
 11 section six hundred eighty-six of this article, provided, however, that
 12 no interest shall be paid thereon.
 13 (2) For the purposes of this subsection, the term "qualified adoption
 14 expenses" shall mean the reasonable and necessary adoption fees, court
 15 costs, attorneys' fees, and other expenses that are directly related to
 16 the legal adoption of a child.
 17 § 2. This act shall take effect immediately and shall apply to taxable
 18 years beginning on and after January 1, 2026.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08939-01-5

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