The SUNY Impact Foundation Charitable Tax Program is a time-limited opportunity to make a donation to SUNY Cobleskill and receive an extraordinary tax benefit. There is a $10M cap on the SUNY-wide program.
For the sum of the qualified contributions in 2024, a donor will have the following tax benefits:
New York State:
85% of the qualified contribution is a tax credit against NYS income tax and 15% of
the qualified contribution can be a deduction against NYS income tax. A donor gets
the benefit of both a deduction and credit on their NYS personal income tax return.
Federal:
15% of the qualified contribution is deductible against federal income tax.
Applications for this program must be received by the College by Monday, September 30, 2024.
To begin your donation, please contact John Zacharek, Vice President for Development and Executive Director of the SUNY Cobleskill Foundation:
Phone: 518-255-5524
Email: zacharek@cobleskill.edu
SUNY Impact Tax Credit Application
Can I be confident that the funds will get to SUNY Cobleskill?
Yes! SUNY Impact Fund retains a very modest 2% fee for processing and reporting the contributions.
Can I receive the tax credit if I give through a donor advised fund, family foundation
or retirement fund?
Unfortunately, no, any contribution that has already passed through another tax vehicle is not eligible according to NYS guidelines.
Are there tax liability requirements for taking the tax credit in New York State?
Yes, you must have a New York State tax liability of the amount of your gift or greater in order to receive the tax credit regardless of your state of residency.
Will I have a better chance of having my application approved if I get my request
in early?
All applications received by September 30 are treated equally no matter when they were received. After October 1, if applications are still being accepted, they are taken on a first-come, first-served basis, so getting your application in as soon as possible is advised after that date.
Why do stock gifts go through University of Buffalo? Do they still get to SUNY Cobleskill?
The University of Buffalo graciously takes care of clearing stock gifts for the SUNY Impact Fund without charging a fee. The proceeds of your stock sales still go to the SUNY college to which they are designated.
Am I able to direct my gift to a specific scholarship or other program at SUNY Cobleskill?
Yes, we are happy to discuss your wishes for directing your gift.
Can a corporation make a tax-advantaged gift through this program?
No, NY State has made this tax credit available only to individuals, no corporations, no S-corps. Transfers must be made from personal accounts, not corporate accounts.
Can I get a matching gift from my company for my NYS Tax Credit gift?
Yes, please indicate on your application that you are applying for a matching gift so that it can be tracked and attributed to SUNY Cobleskill Foundation.
Are in-kind gifts accepted?
Unfortunately, no, we are not able to accept in-kind gifts for the NYS Tax Credit program.
Is this program offered every year?
While we hope that the program will continue in the future, it is considered in each year’s New York State budget and there are no guarantees that it will exist in future years.
Is there a corresponding tax credit for New York City?
No, the tax credit is a New York State tax credit only.
Should my spouse’s name be listed on the application?
If your spouse is making a gift and has a different last name, please include your spouse’s name on the application. Including your spouse’s name on the application will help us track donations that may come in under a different name.
Are there any special points to keep in mind for stock gifts?
Stock orders must be placed for transfer by November 22, 2024. Requests to transfer stock should not be mailed. Pink sheet stocks for over the counter and other securities that face restrictions are not eligible. Sale price is not always the same as valuation. Per IRS guidelines, valuation of a donor’s security gift is the average of the high and low price on the date of receipt by the charity, multiplied by the number of shares contributed.
Where can my tax professional or I find more information on this tax credit?
The New York State Charitable Tax Credit for Higher Education can be found within Chapter 59 of the laws of 2018, Part LL. It references Article 22 and Section 606 of the NYS tax law. Regulations were summarized in Internal Revenue bulletin 2019-109.
How do I claim my tax credit?
The receipt number issued will be used in your NYS income tax filing, even if using a service such as TurboTax.
Can I roll the credit forward if I do not have a big enough tax obligation this year,
or can I use it to fulfill previous years’ tax obligations?
No, this income tax credit is only available for 2024 gifts and tax obligations.