Bill Text: NY S03509 | 2013-2014 | General Assembly | Amended

New York Senate Bill 3509 (Prior Session Legislation)

Bill Title: Establishes a personal income tax credit of up to $2,500 for the expenses of legally adopting a child.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2014-01-24 - PRINT NUMBER 3509A [S03509 Detail]

Download: New_York-2013-S03509-Amended.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        3509--A
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                   February 5, 2013
                                      ___________
       Introduced  by  Sens. BALL, LANZA -- read twice and ordered printed, and
         when printed to be committed to the Committee  on  Investigations  and
         Government  Operations  --  recommitted  to  the Committee on Investi-
         gations and Government Operations in accordance with  Senate  Rule  6,
         sec.  8  --  committee  discharged, bill amended, ordered reprinted as
         amended and recommitted to said committee
       AN ACT to amend the tax law, in  relation  to  establishing  a  personal
         income 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 A CREDIT, NOT TO EXCEED TWENTY-FIVE  THOUSAND  DOLLARS,  AGAINST
    5  THE TAX IMPOSED BY THIS ARTICLE FOR QUALIFIED ADOPTION EXPENSES FOR EACH
    6  CHILD ADOPTED.
    7    (2)  QUALIFIED ADOPTION EXPENSES. FOR THE PURPOSES OF THIS SUBSECTION,
    8  THE TERM "QUALIFIED ADOPTION EXPENSES" SHALL MEAN THE EXPENSES  REQUIRED
    9  FOR  THE  LEGAL  ADOPTION  OF  A CHILD BY THE TAXPAYER OR THE TAXPAYER'S
   10  SPOUSE.
   11    (3) REFUNDABILITY. THE CREDIT UNDER THIS SUBSECTION SHALL  BE  ALLOWED
   12  AGAINST  THE  TAXES IMPOSED BY THIS ARTICLE FOR THE TAXABLE YEAR REDUCED
   13  BY THE CREDITS PERMITTED BY THIS ARTICLE. IF THE CREDIT EXCEEDS THE  TAX
   14  AS SO REDUCED, THE TAXPAYER MAY RECEIVE, AND THE COMPTROLLER, SUBJECT TO
   15  A  CERTIFICATE OF THE COMMISSIONER, SHALL PAY AS AN OVERPAYMENT, WITHOUT
   16  INTEREST, THE AMOUNT OF SUCH EXCESS.
   17    S 2. This act shall take effect immediately and shall apply to taxable
   18  years beginning on or after January 1, 2014.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07296-02-4