Bill > A03495

This bill establishes a tax credit for residents of New York who volunteer at least 25 hours during a taxable year with qualifying nonprofit organizations, specifically 501(c)(3) organizations or those affiliated with NY Cares or NY Service. Starting in the 2025 tax year, volunteers will be eligible for a $200 tax credit, which can be increased to $400 for married couples filing jointly who both meet the volunteer service requirement. The credit is designed to incentivize community service and provide a financial benefit to volunteers. However, taxpayers who receive a related real property tax exemption for their service are generally ineligible for the credit, with some exceptions for those who have previously applied for such an exemption or who notify their assessor of intent to discontinue the exemption. If the credit amount exceeds the taxpayer's tax liability for the year, the excess will be treated as an overpayment and can be credited or refunded, though no interest will be paid on this amount.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A3495