Bill Text: NY A03228 | 2009-2010 | General Assembly | Introduced


Bill Title: An act to amend the tax law, in relation to the establishment of a tax credit for the adoption of a child

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2009-01-23 - referred to ways and means [A03228 Detail]

Download: New_York-2009-A03228-Introduced.html
                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3228
                              2009-2010 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 23, 2009
                                      ___________
       Introduced by M. of A. WEPRIN -- read once and referred to the Committee
         on Ways and Means
       AN  ACT  to amend the tax law, in relation to the establishment of a tax
         credit for the adoption of a child
         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 (t-2) to read as follows:
    3    (T-2) ADOPTION CREDIT. (1)  GENERAL.  A  RESIDENT  TAXPAYER  SHALL  BE
    4  ALLOWED  THE  OPTION OF CLAIMING A CREDIT, TO BE COMPUTED AS PROVIDED IN
    5  PARAGRAPH THREE OF THIS SUBSECTION, AGAINST  THE  TAX  IMPOSED  BY  THIS
    6  ARTICLE FOR ALLOWABLE ADOPTION EXPENSES FOR EACH CHILD ADOPTED.
    7    (2)  ALLOWABLE  AND  QUALIFIED  ADOPTION EXPENSES. FOR THE PURPOSES OF
    8  THIS CREDIT, (A) THE TERM "ALLOWABLE ADOPTION EXPENSES" SHALL  MEAN  THE
    9  AMOUNT  OF QUALIFIED NONRECURRING ADOPTION EXPENSES PAID BY THE TAXPAYER
   10  DURING THE TAXABLE YEAR FOR EACH CHILD ADOPTED, LIMITED TO TEN  THOUSAND
   11  DOLLARS,  AND  (B) THE TERM "QUALIFIED ADOPTION EXPENSES" SHALL MEAN THE
   12  EXPENSES REQUIRED FOR THE LEGAL ADOPTION OF A CHILD BY THE  TAXPAYER  OR
   13  THE TAXPAYER'S SPOUSE.
   14    (3)  AMOUNT  OF  CREDIT.  IF ALLOWABLE ADOPTION EXPENSES ARE LESS THAN
   15  FIVE THOUSAND DOLLARS, THE AMOUNT OF  THE  CREDIT  PROVIDED  UNDER  THIS
   16  SUBSECTION  SHALL BE EQUAL TO THE APPLICABLE PERCENTAGE OF THE LESSER OF
   17  ALLOWABLE  ADOPTION  EXPENSES  OR  TWO  HUNDRED  DOLLARS.  IF  ALLOWABLE
   18  ADOPTION  EXPENSES  ARE FIVE THOUSAND DOLLARS OR MORE, THE AMOUNT OF THE
   19  CREDIT PROVIDED UNDER THIS SUBSECTION SHALL BE EQUAL TO  THE  APPLICABLE
   20  PERCENTAGE  OF  THE  ALLOWABLE  ADOPTION  EXPENSES  MULTIPLIED  BY  FOUR
   21  PERCENT. SUCH APPLICABLE PERCENTAGE SHALL  BE  TWENTY-FIVE  PERCENT  FOR
   22  TAXABLE  YEARS  BEGINNING IN TWO THOUSAND TEN, FIFTY PERCENT FOR TAXABLE
   23  YEARS BEGINNING IN TWO THOUSAND ELEVEN, SEVENTY-FIVE PERCENT FOR TAXABLE
   24  YEARS BEGINNING IN TWO THOUSAND TWELVE AND ONE HUNDRED PERCENT FOR TAXA-
   25  BLE YEARS BEGINNING AFTER TWO THOUSAND THIRTEEN.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD02016-01-9
       A. 3228                             2
    1    (4) REFUNDABILITY. THE CREDIT UNDER THIS SUBSECTION SHALL  BE  ALLOWED
    2  AGAINST  THE  TAXES IMPOSED BY THIS ARTICLE FOR THE TAXABLE YEAR REDUCED
    3  BY THE CREDITS PERMITTED BY THIS ARTICLE. IF THE CREDIT EXCEEDS THE  TAX
    4  AS SO REDUCED, THE TAXPAYER MAY RECEIVE, AND THE COMPTROLLER, SUBJECT TO
    5  A  CERTIFICATE OF THE COMMISSIONER, SHALL PAY AS AN OVERPAYMENT, WITHOUT
    6  INTEREST, THE AMOUNT OF SUCH EXCESS.
    7    S 2. This act shall take effect immediately and shall apply to taxable
    8  years beginning on or after January 1, 2010.
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