Bill > S03344

This bill establishes a tax credit of $200 for New York resident taxpayers who serve as active volunteers for at least 25 hours during the taxable year for a 501(c)(3) organization or an organization affiliated with NY Cares or NY Service. The credit is not available to taxpayers who receive a real property tax exemption related to the volunteer service, except in certain circumstances where the taxpayer discontinues the real property tax exemption. Married couples who file a joint return and both qualify for the credit can receive a credit of $400. Any excess credit amount over the taxpayer's tax liability will be treated as an overpayment to be credited or refunded, though no interest will be paid on the overpayment.