NY S04121

Establishes a $10,000 annual tax deduction for taxpayers who are the legal parents of a child with special needs.

Defines "child with special needs" as any child under age 21 with a specific physical, mental, or emotional condition or disability severe enough to significantly obstruct adoption, as determined by the Office of Children and Family Services.

Allows the deduction to be claimed in each year the taxpayer is the legal parent of an eligible child with special needs.

Takes effect immediately and applies to taxable years beginning on or after January 1, 2016.