Creates an adoption tax credit in the amount of fifty percent of qualified adoption expenses, or ten thousand dollars, whichever is less.
Summary
Bill S04481 proposes the creation of an adoption tax credit for resident taxpayers in New York. The credit would allow taxpayers to receive a credit against their state income tax equal to fifty percent of qualified adoption expenses incurred during the taxable year, with a maximum credit of ten thousand dollars. Qualified expenses include adoption fees, court costs, attorneys' fees, and other necessary expenses directly related to the legal adoption of a child. This credit aims to alleviate some of the financial burdens associated with the adoption process.
Impact
If enacted, this bill would amend the New York tax law to introduce a new subsection that specifically addresses the adoption tax credit. It would provide financial relief to families adopting children by allowing them to reduce their taxable income based on the costs incurred during the adoption process. This could potentially increase the number of adoptions by making it more financially feasible for families to adopt.
Sentiment
The sentiment around Bill S04481 appears to be generally positive, as it seeks to support families looking to adopt children. There may be discussions regarding the fiscal implications of introducing this tax credit, but the overall tone from initial discussions suggests a recognition of the importance of supporting adoption.
Contention
Notable points of contention may arise regarding the fiscal impact of the tax credit on state revenue. Some legislators may express concerns about the potential cost of implementing the credit and whether it would significantly benefit families in need. Additionally, there may be discussions on what constitutes 'qualified adoption expenses' and whether the defined limits are sufficient to cover the actual costs incurred by families during the adoption process.
Establishes that a resident taxpayer shall be allowed a credit against the tax in an amount equaling thirty percent of the qualified adoption expenses paid during the taxable year in conjunction with the taxpayer's adoption of a handicapped child or a hard to place child or five thousand dollars whichever is less.
Increases the amount of the credit against taxes for long-term care insurance from twenty to forty percent and from one thousand five hundred dollars to two thousand five hundred dollars.
Income tax; creating the Making Adoption Affordable Again Act; providing and modifying credit for certain contributions and adoption expenses. Effective date. Emergency.
Income tax; creating the Making Adoption Affordable Again Act; providing and modifying credit for certain contributions and adoption expenses. Effective date. Emergency.
Establishes a tax credit for food service establishment donations to food pantries, in the amount of fifty percent of the marketed value of each of the taxpayer's qualified donations up to six dollars per qualified donation, beginning with the 2027 tax year.
Establishes a tax credit for food service establishment donations to food pantries, in the amount of fifty percent of the marketed value of each of the taxpayer's qualified donations up to six dollars per qualified donation, beginning with the 2027 tax year.