Senate Bill S49

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   49--A
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 8, 2025
                                ___________
 
 Introduced  by  Sen. JACKSON -- read twice and ordered printed, and when
   printed to be committed to the Committee on Finance -- recommitted  to
   the  Committee  on Finance in accordance with Senate Rule 6, sec. 8 --
   committee discharged, bill amended, ordered reprinted as  amended  and
   recommitted to said committee
 
 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 second-
   ary  education  charitable  account,  in  relation  to  increasing the
   contribution cap to twenty million dollars
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Legislative findings and intent. The legislature finds that
 the  charitable  tax  credit provides significant tax benefits to donors
 contributing to the State University  of  New  York  Impact  Foundation,
 offering an eighty-five percent tax credit against New York state income
 tax  and  a  fifteen  percent  deduction against federal income tax. The
 program has been highly successful in encouraging  charitable  donations
 to the state university of New York (SUNY) system.
   The  legislature  further  finds  that the City University of New York
 (CUNY) system, including the City University of New York Research  Foun-
 dation,  receives  charitable contributions that support its educational
 programs, research activities, and student services. Providing access to
 the charitable tax credit will  assist  CUNY  in  attracting  additional
 private donations.
   However, applications for the tax credit have exceeded the current ten
 million dollar annual cap, which limits the ability to meet donor inter-
 est  and  leverage further private contributions. In order to allow more
 donors to participate and provide critical financial support to the SUNY
 and CUNY systems, this legislation  increases  the  annual  cap  of  the

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD00088-04-6
 S. 49--A                            2
 
 program  to  twenty  million  dollars.  This expansion will increase the
 program's capacity to meet  demand  and  support  educational  programs,
 scholarships, research, and other institutional improvements.
   § 2. Paragraph (e) of subdivision 1 of section 3 of part LL of chapter
 59 of the laws of 2018 amending the state finance law relating to estab-
 lishing  the  charitable  gifts  trust  fund  and  the health charitable
 account, and the elementary and secondary education charitable  account,
 is amended to read as follows:
   (e)  Contribution  cap. The maximum permitted contributions under this
 section available annually for calendar year two thousand eighteen  [and
 all  following  years]  THROUGH  TWO  THOUSAND  TWENTY-FIVE shall be ten
 million dollars AND FOR CALENDAR YEAR TWO THOUSAND  TWENTY-SIX  AND  ALL
 FOLLOWING  YEARS SHALL BE TWENTY MILLION DOLLARS for the SUNY foundation
 and FOR CALENDAR YEAR TWO THOUSAND  EIGHTEEN  AND  ALL  FOLLOWING  YEARS
 SHALL  BE  ten  million dollars for the CUNY foundation AND FOR CALENDAR
 YEAR TWO THOUSAND TWENTY-SIX AND ALL FOLLOWING  YEARS  SHALL  BE  TWENTY
 MILLION DOLLARS FOR THE CITY UNIVERSITY OF NEW YORK RESEARCH FOUNDATION.
   §  3.  Reporting  requirements.  1.   The state university of New York
 shall annually submit a report to the governor and  the  legislature  on
 the  total  charitable monetary contributions to the State University of
 New York Impact Foundation. Such report shall include:
   (a) The total amount of donations received;
   (b) A breakdown by institution;
   (c) The use of such funds; and
   (d) The impact of these contributions on educational resources, schol-
 arships, and other institutional improvements.
   2. The city university of New York shall annually submit a  report  to
 the  governor  and  the  legislature  on  the  total charitable monetary
 contributions to the city university of New  York  research  foundation.
 Such report shall include:
   (a) The total amount of donations received;
   (b) A breakdown by institution;
   (c) The use of such funds; and
   (d) The impact of these contributions on educational resources, schol-
 arships, and other institutional improvements.
   §  4. This act shall take effect on the first of January next succeed-
 ing the date on which it shall have become a law.