Bill > S00049

This bill increases the annual tax credit cap for donations to the State University of New York (SUNY) Impact Foundation from $10 million to $20 million, effective January 1, 2026. Currently, donors to the SUNY foundation receive an 85% tax credit against New York state income tax and a 15% deduction on federal income tax. The legislature found that demand for the tax credit has exceeded the existing $10 million cap, limiting the ability to support donor interest and attract private contributions to the SUNY system. By raising the cap to $20 million, the bill aims to expand the program's capacity to provide financial support for SUNY's educational programs, scholarships, and institutional improvements. The bill also requires SUNY to submit an annual report to the governor and legislature detailing the total charitable contributions, including the amount of donations, breakdown by institution, fund usage, and the impact on educational resources.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S49