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.
Impact
If enacted, this bill will have a significant impact on state laws regarding charitable contributions and education funding. By raising the cap on tax credits, it is expected to boost the financial resources of SUNY, allowing for greater investments in academic programs and infrastructure. Additionally, the bill will improve accessibility for contributors, encouraging a more significant influx of private funds into the public university system. This change aims to ensure that educational institutions can remain competitive and continue to provide quality education.
Summary
Bill A09037 proposes to amend New York's state finance law by increasing the annual cap on tax credits available for contributions to the State University of New York (SUNY) Impact Foundation from ten million dollars to twenty million dollars. This change is intended to accommodate the rising interest from donors and ensure that the funding available to support SUNY's educational programs, scholarships, and institutional improvements keeps pace with demand. The increased cap will enable more donors to participate in the program and enhance financial support for the SUNY system.
Contention
While the bill seeks to expand funding opportunities, debates may arise concerning accountability and oversight of the funds, particularly regarding how contributions are utilized within the SUNY system. There may also be concerns about equity in education funding, especially if similar increases aren't applied to other educational entities, such as the City University of New York (CUNY) foundation, which is also mentioned in the legislation. Thus, while the legislation is seen as a step forward, discussions are likely to focus on ensuring balanced support across New York's higher education landscape.
Same As
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.
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.
Increases the amount of the credit against taxes for long-term care insurance from twenty to forty percent and from one thousand five hundred dollars to two thousand five hundred dollars.
Relates to the community bank deposit program; increases the maximum amount of funds on deposit at a community banking institution to thirty million dollars.
Relates to the community bank deposit program; increases the maximum amount of funds on deposit at a community banking institution to thirty million dollars.
Increases the maximum amount of the Kingston water district bonding authority from four million dollars ($4,000,000) to fifteen million dollars ($15,000,000).
Increases the maximum amount of the Kingston water district bonding authority from four million dollars ($4,000,000) to fifteen million dollars ($15,000,000).
Establishes the "Missouri Gives Tax Credit Act", authorizing tax credits for certain contributions to permanent endowment funds held by qualified community foundations