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NY S07382
Bill
Status
Introduced
1/11/2018
Primary Sponsor
Martin Golden
Click for details
AI Summary
- Allows resident taxpayers a tax credit equal to 30% of qualified adoption expenses for adopting handicapped or hard to place children, capped at $5,000 per adoption
- Defines "handicapped child" and "hard to place child" according to Social Services Law Section 451 and its regulations
- Covers reasonable and necessary adoption fees, court costs, attorney's fees, and related expenses, excluding litigation costs and expenses already reimbursed or claimed as federal tax credits
- Excess credits exceeding the taxpayer's tax liability are treated as overpayment and refunded without interest
- Effective immediately for taxable years beginning January 1, 2018 and later
Legislative Description
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.
Last Action
COMMITTED TO RULES
6/20/2018
Committee Referrals
Rules6/20/2018
Finance3/6/2018
Investigations and Government Operations1/11/2018
Full Bill Text
No bill text available