Provides for a deduction from personal gross income for expenses incurred in the adoption of a child in the foster care system.
Summary
Bill A05163 proposes an amendment to the New York tax law that allows taxpayers to deduct expenses incurred during the adoption of a child from the foster care system from their personal gross income. This includes adoption fees, medical and legal fees, court costs, and any other related expenses. The intent of the bill is to alleviate the financial burden on families adopting children from foster care, thereby encouraging more adoptions and supporting children in need of stable homes.
Impact
If enacted, this bill would create a new tax deduction specifically for adoption-related expenses, which would affect taxpayers who adopt children from the foster care system. It would amend section 612 of the New York tax law, potentially increasing the number of families willing to adopt by providing financial relief. This could lead to a positive impact on the foster care system by promoting more adoptions and reducing the number of children in foster care.
Sentiment
The sentiment around Bill A05163 appears to be generally positive, as it aims to support families and children in the foster care system. However, there may be some concerns regarding the potential fiscal impact on state revenues due to the introduction of new tax deductions. Discussions in committee may reflect a supportive stance from advocates for children and families, while fiscal conservatives may express caution regarding budget implications.
Contention
Notable points of contention may arise from concerns about the financial implications of the tax deduction on state revenue. Some lawmakers may argue that while the intention of the bill is commendable, it could lead to a significant loss in tax revenue that could affect funding for other essential services. Advocates for children and families are likely to support the bill, while fiscal conservatives may oppose it due to budgetary concerns.
Provides for a deduction against personal gross income in an amount equal to fees, costs and expenses paid or incurred including legal fees and agency costs in connection with the adoption of a child.
Provides gross income tax credit to qualified caregivers for care and support expenses incurred for qualifying relative or individual with disabilities.
Provides gross income tax credit to qualified caregivers for care and support expenses incurred for qualifying relative or individual with disabilities.