New York S 49: Relates to participation by LGBT, disability and veteran-owned businesses in state contracts

Bill Text

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S00049 Summary:

BILL NOS00049A

&nbsp

SAME ASNo Same As

&nbsp

SPONSORJACKSON

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd Part LL §3, Chap 59 of 2018

&nbsp

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.

Go to top S00049 Actions:

BILL NOS00049A

&nbsp

01/08/2025REFERRED TO FINANCE

01/07/2026REFERRED TO FINANCE

04/30/2026AMEND AND RECOMMIT TO FINANCE

04/30/2026PRINT NUMBER 49A

Go to topS00049 Committee&nbspVotes:

Go to topS00049 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS00049 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 49--A

 2025-2026 Regular Sessions

 IN SENATE

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by Sen. JACKSON -- read twice and ordered printed, and when
 printed to be committed to the Committee on Finance -- recommitted to
 the Committee on Finance in accordance with Senate Rule 6, sec. 8 --
 committee discharged, bill amended, ordered reprinted as amended and
 recommitted to said committee

 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 The legislature further finds that the City University of New York
 9 (CUNY) system, including the City University of New York Research Foun-
 10 dation, receives charitable contributions that support its educational
 11 programs, research activities, and student services. Providing access to
 12 the charitable tax credit will assist CUNY in attracting additional
 13 private donations.
 14 However, applications for the tax credit have exceeded the current ten
 15 million dollar annual cap, which limits the ability to meet donor inter-
 16 est and leverage further private contributions. In order to allow more
 17 donors to participate and provide critical financial support to the SUNY
 18 and CUNY systems, this legislation increases the annual cap of the

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00088-04-6

 S. 49--A 2

 1 program to twenty million dollars. This expansion will increase the
 2 program's capacity to meet demand and support educational programs,
 3 scholarships, research, and other institutional improvements.
 4 § 2. Paragraph (e) of subdivision 1 of section 3 of part LL of chapter
 5 59 of the laws of 2018 amending the state finance law relating to estab-
 6 lishing the charitable gifts trust fund and the health charitable
 7 account, and the elementary and secondary education charitable account,
 8 is amended to read as follows:
 9 (e) Contribution cap. The maximum permitted contributions under this
 10 section available annually for calendar year two thousand eighteen [and
 11 all following years] through two thousand twenty-five shall be ten
 12 million dollars and for calendar year two thousand twenty-six and all
 13 following years shall be twenty million dollars for the SUNY foundation
 14 and for calendar year two thousand eighteen and all following years
 15 shall be ten million dollars for the CUNY foundation and for calendar
 16 year two thousand twenty-six and all following years shall be twenty
 17 million dollars for the city university of New York research foundation.
 18 § 3. Reporting requirements. 1. The state university of New York
 19 shall annually submit a report to the governor and the legislature on
 20