The State of New York has created a program that has the potential to provide a significant break on your New York State personal income tax for supporting higher education. The program is called the NYS Charitable Tax Credit Program, and it provides a non-refundable NYS income tax credit of up to 85 percent of your qualified contribution.
How it works:
• You make a charitable gift between $10,000 and $100,000 to the SUNY Impact Foundation that can be directed back to the program of your choice at SUNY Oswego.
• These gifts made via cash, check, wire transfer or via a donation must be received by Nov. 30, 2023.
• Donors need to request to participate in the program through SUNY Oswego University Advancement. The application period began Aug. 25 and ends on Nov. 16.
For making a qualifying contribution in 2023, a donor will have the following tax benefits:
• NY State -– 85 percent of the qualified contribution as a tax credit and 15 percent of the qualified contribution can be a deduction. A donor gets a benefit of both a deduction and credit on their NYS tax filing.
• Federal -– 15 percent of the qualified contribution can be a deduction.
• The receipt(s) issued once the donation(s) is/are received will include a receipt number, which must be used with NYS income tax filing.
Learn more by contacting the Office of the Vice President of University Advancement at develop@oswego.edu or 315-312-5558.
-- Submitted by University Advancement