WOLF & CO Alerts 2022 New York State Tax Credit for Higher Education

2022 New York State Tax Credit for Higher Education

The SUNY Impact Foundation Charitable Tax Program is presenting a unique opportunity to support the efforts of higher education institutions and receive a time-limited one-time tax benefit in return.

The program offers a New York State (NYS) tax credit of 85% of qualified contributions to be applied toward the donor’s 2022 tax liability. This credit is non-refundable and cannot be carried forward to future years. The donor is also eligible for a deduction of 15% of qualified contributions on both their federal and NYS tax filings, compounding the tax benefit. Donors can earmark the gift to a specific fund or program, based on their interests.

To participate, the donor must first contact a participating SUNY institution and submit an online application to the program by September 30th, by 5pm. A qualified contribution may be made by an individual or through a partnership, trust, or estate, but cannot be made via a family foundation or a corporation. All donations must be received by November 30, 2022 to qualify. Contributions under the program must be a minimum of $10K and a maximum of $100K in cash, stock, or a combination of the two. No in-kind donations are accepted.

There is a $10M cap on SUNY-wide contributions. If the total cap has been exceeded, all requests will be prorated accordingly. If the cap is not reached by September 30th, additional applications will be received on a first come, first serve basis through November 20th until the cap is reached.

For more information, contact Natalie Yarborough, SALT Manager, CPA MAcc, [email protected].