Provides for a deduction from personal gross income for expenses incurred in the adoption of a child in the foster care system.
Impact
The impact of S07884 on state tax law is significant as it provides a formal acknowledgment of the expenses associated with fostering and adopting children. With the amendment of subsection (c) of section 612 of the tax law, tax deductions would specifically cover a range of costs tied to the adoption process, thus creating a more supportive financial environment for potential adoptive parents. This change is expected to encourage more families to adopt children from foster care, directly influencing the dynamics of family-building policies within New York State.
Summary
S07884 is a bill introduced in the New York Senate aimed at amending tax law to allow a deduction from personal gross income for expenses related to the adoption of children from the foster care system. This legislative proposal focuses on the financial burden that prospective adoptive parents often face, which can include not just adoption fees, but also medical and legal expenses, court costs, and other related expenditures incurred during the adoption process. By facilitating a tax deduction for these costs, the bill seeks to ease the financial strain on families considering adoption.
Contention
While there are likely varying opinions on S07884, the core contention revolves around the fiscal implications of enacting tax deductions for adoption expenses. Advocates of the bill may argue that it promotes the well-being of children in foster care by incentivizing adoption, while critics might express concerns about the potential loss of state revenue from the tax deductions. Additionally, there could be debates regarding the necessity of such tax benefits, focusing on whether they disproportionately favor certain socio-economic classes over others or if they effectively address the needs of all families looking to adopt.
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 an increased personal income tax deduction for medical expenses incurred by a New York taxpayer to include medical insurance premiums and long term care premiums.
Establishes the New York state volunteer fire protection emergency reimbursement account; provides reimbursement for expenses incurred related to procurement of personal protective equipment and other expenses.
Relates to providing additional reimbursement to school districts for expenses incurred for failure to receive timely payments of state aid, including expenses relating to interest payments and ancillary expenses incurred as a result of not having received aid in a timely manner.
Relates to providing additional reimbursement to school districts for expenses incurred for failure to receive timely payments of state aid, including expenses relating to interest payments and ancillary expenses incurred as a result of not having received aid in a timely manner.