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.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A9037
SPONSOR: McDonald 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 OR GENERAL IDEA OF BILL:
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 Janu-
ary following its enactment.
JUTSIFICATION:
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. Increasing 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.
LEGISLATIVE HISTORY:
New bill.
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 a law.
STATE OF NEW YORK
________________________________________________________________________
9037
2025-2026 Regular Sessions
IN ASSEMBLY
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:
1 Section 1. Legislative findings and intent. The legislature finds that
2 the charitable tax credit provides significant tax benefits to donors
3 contributing to the State University of New York Impact Foundation,
4 offering an eighty-five percent tax credit against New York state income
5 tax and a fifteen percent deduction against federal income tax. The
6 program has been highly successful in encouraging charitable donations
7 to the state university of New York (SUNY) system.
8 However, applications for the tax credit have exceeded the current ten
9 million dollar annual cap, which limits the ability to meet donor inter-
10 est and leverage further private contributions. In order to allow more
11 donors to participate and provide critical financial support to the SUNY
12 system, this legislation increases the annual cap of the program to
13 twenty million dollars. This will expand the program's capacity to meet
14 demand and provide continued financial support for SUNY's educational
15 programs, scholarships, and other institutional improvements.
16 § 2. Paragraph (e) of subdivision 1 of section 3 of part LL of chapter
17 59 of the laws of 2018 amending the state finance law relating to estab-
18 lishing the charitable gifts trust fund and the health charitable
19 account, and the elementary and secondary education charitable account,
20 is amended to read as follows:
21 (e) Contribution cap. The maximum permitted contributions under this
22 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
1 all following years] through two thousand twenty-five shall be ten
2 million dollars and for calendar year two thousand twenty-six and all
3 following years shall be twenty million dollars for the SUNY foundation
4 and for calendar year two thousand eighteen and all following years
5 shall be ten million dollars for the CUNY foundation.
6 § 3. Reporting requirements. The state university of New York shall
7 annually submit a report to the governor and the legislature on the
8 total charitable monetary contributions to the State University of New
9 York Impact Foundation. Such report shall include:
10 1. The total amount of donations received;
11 2. A breakdown by institution;
12 3. The use of such funds; and
13 4. The impact of these contributions on educational resources, schol-
14 arships, and other institutional improvements.
15 § 4. This act shall take effect January 1, 2026.
