Bill > A02658

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 at 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 such volunteer service, with some exceptions. Married couples filing jointly can claim a $400 credit if both individuals qualify. If the credit amount exceeds the taxpayer's tax liability, the excess can be treated as an overpayment to be credited or refunded, but without any interest paid.