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

New York Senate Bill 3509 (Prior Session Legislation)

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3509
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                   February 5, 2013
                                      ___________
       Introduced  by  Sen.  BALL  --  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  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  TWO  THOUSAND  FIVE  HUNDRED  DOLLARS,
    5  AGAINST  THE TAX IMPOSED BY THIS ARTICLE FOR QUALIFIED ADOPTION EXPENSES
    6  FOR EACH 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, 2013.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07296-01-3