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The Huge NYS Tax Credit Available For Donations To The SUNY Impact Foundation

There is a little-known, very lucrative New York State Tax Credit that came into existence within the past few years for individuals who wish to make charitable donations to their SUNY college of choice through the SUNY Impact Foundation.  The tax credit is so large that individuals who make a $10,000 donation to the SUNY Impact Foundation can receive a dollar-for-dollar tax credit of $8,500 whether they take the standard deduction or itemize on their tax return. This results in a windfall of cash to pre-selected athletic programs and academic programs by the donor at their SUNY college of choice, with very little true out-of-pocket cost to the donors themselves once the tax credit is factored in.

There is a little-known, very lucrative New York State Tax Credit that came into existence within the past few years for individuals who wish to make charitable donations to their SUNY college of choice through the SUNY Impact Foundation.  The tax credit is so large, that individuals who make a $10,000 donation to the SUNY Impact Foundation can receive a dollar-for-dollar tax credit of $8,500 whether they take the standard deduction or itemize on their tax return. This results in a windfall of cash to pre-selected athletic programs and academic programs by the donor at their SUNY college of choice, with very little true out-of-pocket cost to the donors themselves once the tax credit is factored in.


About Michael……...

Hi, I’m Michael Ruger. I’m the managing partner of Greenbush Financial Group and the creator of the nationally recognized Money Smart Board blog . I created the blog because there are a lot of events in life that require important financial decisions. The goal is to help our readers avoid big financial missteps, discover financial solutions that they were not aware of, and to optimize their financial future.

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Frequently Asked Questions (FAQs):

What is the SUNY Impact Foundation Tax Credit?
The SUNY Impact Foundation Tax Credit is a generous New York State tax incentive that allows individuals to receive a large state tax credit for making a charitable donation to the SUNY Impact Foundation. This program was introduced in recent years to encourage private giving to support SUNY campuses and their programs.

Do you have to itemize deductions to receive the SUNY Impact Foundation tax credit?
No. Donors can claim the full New York State tax credit whether they itemize deductions or take the standard deduction on their tax return. This makes it a valuable opportunity for both high-income and middle-income taxpayers.

Where does the donation go?
All contributions are made through the SUNY Impact Foundation, a statewide nonprofit that supports State University of New York campuses. Donors can designate their gift to specific SUNY colleges or to particular athletic or academic programs at those institutions.

How does the SUNY Impact Foundation benefit SUNY schools?
The foundation channels private donations directly to SUNY institutions, providing extra funding for scholarships, research, athletics, and academic innovation. The tax credit encourages more private giving to supplement public funding for SUNY programs.

Is there a limit on how much you can donate?
The program is capped annually by the state, and only a limited number of donors can participate each year. Interested individuals should contact the SUNY Impact Foundation or their financial advisor early to confirm availability and eligibility.

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