STATE OF NEW YORK ________________________________________________________________________ 9886 IN SENATE August 2, 2024 ___________ Introduced by Sen. ASHBY -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the tax law, in relation to creating an adoption tax credit 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 (qqq) to read as follows: 3 (qqq) Adoption tax credit. (1) A resident taxpayer shall be allowed a 4 credit against the tax imposed by this article in an amount equaling 5 fifty percent of the qualified adoption expenses paid during the taxable 6 year in conjunction with such taxpayer's adoption of a child or ten 7 thousand dollars, whichever is less. If the amount of the credit allow- 8 able under this subsection for any taxable year shall exceed the taxpay- 9 er's tax for such year, the excess shall be treated as an overpayment of 10 tax to be credited or refunded in accordance with the provisions of 11 section six hundred eighty-six of this article, provided, however, that 12 no interest shall be paid thereon. 13 (2) For the purposes of this subsection, the term "qualified adoption 14 expenses" shall mean the reasonable and necessary adoption fees, court 15 costs, attorneys' fees, and other expenses that are directly related to 16 the legal adoption of a child. 17 § 2. This act shall take effect immediately and shall apply to taxable 18 years beginning on and after January 1, 2025. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD15975-01-4