Bill
Bill > A09037
NY A09037
NY A09037Increases the cap on the credit for contributions to certain funds for contributions to the SUNY Impact Foundation from ten million dollars to twenty million dollars.
summary
Introduced
09/05/2025
09/05/2025
In Committee
01/07/2026
01/07/2026
Crossed Over
Passed
Dead
Introduced Session
2025-2026 General Assembly
Bill Summary
AN ACT to amend part LL of chapter 59 of the laws of 2018 amending the state finance law relating to establishing the charitable gifts trust fund and the health charitable account, and the elementary and secondary education charitable account, in relation to increasing the contribution cap to twenty million dollars
AI Summary
This bill increases the annual tax credit cap for contributions to the State University of New York (SUNY) Impact Foundation from ten million dollars to twenty million dollars, effective January 1, 2026. The legislation aims to expand a successful charitable tax credit program that currently offers donors an 85% tax credit against New York state income tax and a 15% deduction against federal income tax. The current ten-million-dollar cap has been insufficient to meet donor interest, and this bill will allow more donors to participate and provide additional financial support to the SUNY system. 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 received, a breakdown by institution, the use of funds, and the impact of these contributions on educational resources, scholarships, and institutional improvements. The increased cap is intended to help SUNY leverage more private contributions and support its educational programs and initiatives.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
referred to ways and means (on 01/07/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2025/A9037 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A09037&term=2025&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A09037 |
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