SUNY Impact Foundation NYS Charitable Tax Credit Program

A one-time, time-limited opportunity to make a donation to the Hudson Valley Community College Foundation and receive a tax benefit through the SUNY Impact Foundation. There is a $10M cap on the SUNY-wide program.

• Donations qualifying under the NYS Charitable Tax Credit program will be limited to a minimum of $10,000 and to a maximum of $100,000 per donor/tax filing.
• Donors may designate their gifts.
• On or around Oct. 11, 2024, donors can expect to receive, via email, notification of the authorized contribution amount to be sent to SUNY Impact Foundation along with payment instructions via credit card/debit card, wire/ACH, security transfer. No checks will be accepted.
• Donations may only be made by an individual with a requested range of $10,000 - $100,000. S-corps, DAFs, QTCs and family foundations are not eligible donations to this program.

For the sum of the qualified contributions in 2024, as a donor, you may receive these tax benefits:

• 85% tax CREDIT of the donation amount towards the donor’s NEW YORK STATE tax liability in 2024 (only). 15% of the authorized donation may be used as a New York State DEDUCTION.
• 15% of the authorized donation may be used for a FEDERAL tax DEDUCTION (not credit).
• In order to utilize the full benefit of this program, please ensure you have a New York State tax liability in 2024 equal to or greater than the amount of credit requested.
  Authorized tax credit amount is not transferrable from year-to-year.

• Complete the NY State Charitable Tax Credit Contribution Application by Sept. 30, 2024.
• Based on prior years of experience, the application requests will likely exceed the New York State cap of $10 million in total.
• After the application period closes, SUNY will determine if gifts will be prorated equally to stay within the $10 Million cap.
• On or around Oct. 11, 2024, donors can expect to receive, via email, notification of the authorized contribution amount to be sent to SUNY Impact Foundation along with payment instructions via credit card/debit card, wire/ACH, security transfer. No checks will be accepted.
• Donations must be received by the SUNY Impact Foundation no later than Nov. 30, 2024.
• Stock and wire transfers must be made by Nov. 22, 2024.
• In January 2025, donors will receive a receipt with a 15-digit number which is to be submitted with your personal taxes on NYS IT Form 228. This form is available through the NYS Department of Tax or through an accountant or any tax software.
• Hudson Valley Community College will receive the funds from SUNY in February 2025, and will direct them to the initiative of your choice.

Please contact Amy Posner in the Hudson Valley Foundation at (518) 629-8012 with any questions you may have.