Bill > S04481

This bill creates an adoption tax credit for New York state residents that allows taxpayers to claim a credit equal to 50% of their qualified adoption expenses, up to a maximum of $10,000, for the legal adoption of a child. The term "qualified adoption expenses" is specifically defined to include reasonable and necessary costs directly related to adoption, such as adoption fees, court costs, attorneys' fees, and other legal expenses. If the tax credit amount exceeds the taxpayer's tax liability for that year, the excess will be treated as an overpayment and can be credited or refunded, though no interest will be paid on the refund. The bill will take effect starting with the 2026 tax year, providing financial support to families who are looking to adopt by helping to offset some of the significant expenses associated with the adoption process.