S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9037
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             September 5, 2025
                                ___________
 
 Introduced by M. of A. McDONALD -- read once and referred to the Commit-
   tee on Ways and Means
 
 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.
   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
 system, this legislation increases the annual  cap  of  the  program  to
 twenty  million dollars. This will expand the program's capacity to meet
 demand and provide continued financial support  for  SUNY's  educational
 programs, scholarships, 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

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00088-01-5
              

 A. 9037                             2

 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.
   § 3. Reporting requirements. 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:
   1. The total amount of donations received;
   2. A breakdown by institution;
   3. The use of such funds; and
   4.  The impact of these contributions on educational resources, schol-
 arships, and other institutional improvements.
   § 4. This act shall take effect January 1, 2026.