Bill > S03386

This bill amends the New York tax law to prohibit itemized deductions for charitable contributions for individuals with a New York adjusted gross income over ten million dollars. Specifically, the legislation removes the previous provision that allowed such high-income taxpayers to deduct 25% of their charitable contributions and instead completely eliminates the ability to claim charitable contribution deductions for this income bracket. The bill will take effect immediately and apply to taxable years starting from its enactment date. By restricting charitable deductions for very high-income earners, the legislation aims to potentially increase tax revenue by limiting tax benefits for wealthy New York residents' philanthropic giving.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S3386