NY State Senate Bill 2025-S49

Senate Bill S49

2025-2026 Legislative Session

Increases the cap on the credit for contributions to certain funds for contributions to the SUNY Impact Foundation to twenty million dollars

download bill text pdf

Current Bill Status - In Senate Committee Finance Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 08, 2025	referred to finance

2025-S49 (ACTIVE) - Details

Current Committee:: Senate Finance
Law Section:: Taxation
Laws Affected:: Amd Part LL §3, Chap 59 of 2018

2025-S49 (ACTIVE) - Summary

Increases 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.

2025-S49 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S49

SPONSOR: JACKSON
 
TITLE OF BILL:

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

 
PURPOSE:

The purpose of this bill is to increase the cap for the SUNY Charitable
Tax Credit Program from $10 million to $20 million to meet the growing
demand for tax credits among donors and to expand financial support for
the State University of New York (SUNY) system.

 
SUMMARY OF PROVISIONS:

*Section 1: Amends Chapter 59 of the laws of 2018, Part LL, which refer-
ences Article 22 and Section 606 of the New York State tax law, increas-

ing the maximum total allowable tax credits for charitable contributions
made to the SUNY system from $10 million to $20 million annually.

*Section 2: Establishes reporting requirements for the State University
of New York (SUNY), mandating an annual report detailing contributions,
fund usage, and institutional impact.

*Section 3: Provides that the act shall take effect on the first of
January following its enactment.

 
JUSTIFICATION:

The SUNY Charitable Tax Credit Program, authorized in 2018, provides
significant tax incentives to donors who contribute to the SUNY Impact
Foundation. The program offers an 85% tax credit against New York State
income tax and a 15% deduction against federal income tax, making it
highly attractive to potential donors.

However, the current $10 million cap on allowable tax credits has been
reached, and applications for tax credits now exceed this limit.  This
demand underscores the program's success and the potential for even
greater private investment in public higher education. In creasing the
cap to $20 million will enable the State University of New York to
secure additional funds that can be used for educational programs, scho-
larships, and other critical improvements across SUNY campuses. This
expansion is necessary to continue attracting private contributions that
support the quality and accessibility of public education in New York
State.


 
PRIOR LEGISLATIVE HISTORY:

New legislation

 
FISCAL IMPLICATIONS:


Increasing the cap from $10 million to $20 million will result in a
higher annual fiscal impact due to the expanded availability of tax
credits. However, the economic benefits from increased private donations
to SUNY institutions-funding scholarships, research, and facilities-are
expected to provide substantial returns to the state.

 
EFFECTIVE DATE:
This act shall take effect on the first of January next succeeding the
date on which it shall have become law.

2025-S49 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    49
 
                        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
 
 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:

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

 S. 49                               2
 
   (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.
   §  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.

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