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.
Summary
Bill S02287 proposes an amendment to New York's tax law that allows taxpayers to deduct from their personal gross income the expenses incurred during the adoption of a child. This includes adoption agency fees, medical and legal fees, court costs, and any other related expenses. The intention behind this bill is to alleviate the financial burden on families looking to adopt, making the process more accessible and encouraging adoption within the state.
Impact
If enacted, this bill would modify the existing tax code to include specific deductions related to adoption expenses, thereby providing financial relief to adoptive families. It aims to enhance the support for adoption in New York by recognizing the costs associated with the process, which could lead to an increase in the number of adoptions as families may find it more financially feasible.
Sentiment
The sentiment surrounding Bill S02287 appears to be positive, as it addresses a significant financial concern for families considering adoption. While there have been no recorded votes or committee discussions available, the nature of the bill suggests bipartisan support is likely, given the social benefits associated with promoting adoption.
Contention
Currently, there are no notable points of contention reported regarding this bill, as it has not yet been debated in committee or voted on. However, potential opposition could arise from concerns over the fiscal impact on state revenue, as tax deductions may reduce the overall tax income for the state.
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 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.