New York S04481 proposes a tax credit for adoption expenses, up to $10,000.

New York S04481 amends the tax law to introduce an adoption tax credit. This credit allows resident taxpayers to claim fifty percent of their qualified adoption expenses, up to a maximum of ten thousand dollars, against their tax liability. Qualified adoption expenses include reasonable and necessary adoption fees, court costs, attorneys' fees, and other expenses directly related to the legal adoption of a child. The credit applies to taxable years beginning on and after January 1, 2026.

New York S04481 proposes a tax credit for adoption expenses, up to $10,000.

New York S04481 amends the tax law to introduce an adoption tax credit. This credit allows resident taxpayers to claim fifty percent of their qualified adoption expenses, up to a maximum of ten thousand dollars, against their tax liability. Qualified adoption expenses include reasonable and necessary adoption fees, court costs, attorneys' fees, and other expenses directly related to the legal adoption of a child. The credit applies to taxable years beginning on and after January 1, 2026.