State Senator John J. Bonacic (R/C - Mount Hope) announced today a new federal law will allow taxpayers to deduct any donations made by January 31, 2005 on their 2004 federal tax returns, as well as New York State tax returns to tsunami relief efforts.
"Many New Yorkers were touched by the devastation and human loss brought on by the tsunami in Southeast Asia and gave generously to relief efforts," stated Senator Bonacic.
Senator Bonacic said that the new law will enable New Yorkers who make cash donations through January 31st to claim the deductions on their 2004 New York State tax returns, in addition to their federal tax returns. However, it is important to note that in order for taxpayers to deduct these charitable contributions, they will have to itemize their returns.
"Donations will help rebuild the countless villages and lives that were destroyed by this tragic tsunami disaster. Not only will this legislation help those who already donated to charities providing humanitarian assistance to the victims but, hopefully, it will encourage other New Yorkers to give as well," concluded Senator Bonacic.