Bill Text: NY S00136 | 2009-2010 | General Assembly | Introduced

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Bill Title: Establishes a tax credit for allowable expenses associated with the adoption of a child by a resident taxpayer; defines relevant terms.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-01-06 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S00136 Detail]

Download: New_York-2009-S00136-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                          136
                              2009-2010 Regular Sessions
                                   I N  S E N A T E
                                      (PREFILED)
                                    January 7, 2009
                                      ___________
       Introduced  by  Sen. SAMPSON -- read twice and ordered printed, and when
         printed to be committed to the Committee on Investigations and Govern-
         ment Operations
       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
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD02016-01-9
       S. 136                              2
    1  YEARS BEGINNING IN TWO THOUSAND TWELVE AND ONE HUNDRED PERCENT FOR TAXA-
    2  BLE YEARS BEGINNING AFTER TWO THOUSAND THIRTEEN.
    3    (4)  REFUNDABILITY.  THE CREDIT UNDER THIS SUBSECTION SHALL BE ALLOWED
    4  AGAINST THE TAXES IMPOSED BY THIS ARTICLE FOR THE TAXABLE  YEAR  REDUCED
    5  BY  THE CREDITS PERMITTED BY THIS ARTICLE. IF THE CREDIT EXCEEDS THE TAX
    6  AS SO REDUCED, THE TAXPAYER MAY RECEIVE, AND THE COMPTROLLER, SUBJECT TO
    7  A CERTIFICATE OF THE COMMISSIONER, SHALL PAY AS AN OVERPAYMENT,  WITHOUT
    8  INTEREST, THE AMOUNT OF SUCH EXCESS.
    9    S 2. This act shall take effect immediately and shall apply to taxable
   10  years beginning on or after January 1, 2010.