BILL NUMBER: S9886
SPONSOR: ASHBY
 
TITLE OF BILL:
An act to amend the tax law, in relation to creating an adoption tax
credit
 
PURPOSE:
To provide tax relief to those residents who adopt children.
 
SUMMARY OF PROVISIONS:
Section 1 establishes a refundable Adoption Tax Credit equal to 50% of
qualified adoption expenses, not to exceed $10,000. Qualified adoption
expenses shall include the reasonable and necessary adoption fees, court
costs, attorneys' fees, and other expenses that are directly related to
the legal adoption of a child.
Section 2 of the bill states this act shall take effect immediately and
apply to taxable years on or after January 1, 2025.
 
JUSTIFICATION:
The costs to live in NYS are staggering. When they should be excited to
start a family, many people find themselves worrying. Getting pregnant,
infant supplies, day care, doctors, car seats-the list is daunting.
Worrying about how to pay for your children should not be happening.
For people who choose to adopt, the costs are even higher. Expenses
include court costs, attorneys' fees, agency fees, etc. This bill aims
to help people who adopt children by providing a tax credit of up to
$10,000.
 
LEGISLATIVE HISTORY:
New bill.
 
FISCAL IMPLICATIONS: To be determined
 
EFFECTIVE DATE:
This act shall take effect immediately and apply to taxable years on or
after January 1, 2025.

Statutes affected:
S9886: 606 tax law