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Bill

Bill

A 9037

Increases the cap on the credit for contributions to certain funds for contributions to the SUNY Impact Foundation to twenty million dollars

2025 Regular Session Introduced by John McDonald

Raises the state tax credit cap for SUNY Impact Foundation donations to $20 million, boosting charitable support for SUNY and reducing tax revenue.

REFERRED TO WAYS AND MEANS
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Bill Summary · A 9037

Summary of Assembly Bill A 9037

Overview

Assembly Bill A 9037 would increase the cap on the state tax credit for contributions to certain funds, specifically for contributions to the SUNY Impact Foundation. The bill sets the credit cap at twenty million dollars. The sponsor is John T. McDonald III (primary). The bill is currently referred to the Ways and Means committee.

What the bill would do

  • Increase the cap on the existing tax credit for contributions to funds benefiting the SUNY system.
  • Specifically apply to contributions directed to the SUNY Impact Foundation.
  • Establish the maximum credit amount at $20,000,000 (the total cap; the mechanism per taxpayer or per year is not detailed in the provided text).

Key provisions (as stated)

  • The credit applies to contributions to the SUNY Impact Foundation (a fund associated with SUNY).
  • The overarching cap on the credit is raised to twenty million dollars.
  • Status: Referred to Ways and Means (introduced September 5, 2025).

Who would be affected

  • Taxpayers who make qualifying contributions to the SUNY Impact Foundation and seek to claim the state tax credit.
  • The SUNY Impact Foundation would receive enhanced support from increased contributions driven by the tax incentive.
  • State revenue impact would reflect the reduction in tax collections corresponding to the credit.

Fiscal and policy implications

  • Revenue impact: Expanding the credit cap would increase the potential reduction in state tax revenue, depending on how many contributions qualify and how much donors claim.
  • Charitable impact: Potentially greater philanthropic support for SUNY-related programs, scholarships, or initiatives funded through the SUNY Impact Foundation.
  • Administrative considerations: Implementation and monitoring would fall to the relevant tax or revenue department and the SUNY Impact Foundation for compliance and reporting.

Procedural timeline

  • Introduced: September 5, 2025.
  • Action taken: Referred to Ways and Means (noted twice in the provided actions; likely a single committee placement in practice).
  • Next steps: Pending committee review, potential amendments, floor votes, and passage in the Assembly before moving to the Senate (via companion S 49).

Related legislation

  • Companion bill: S 49 (Senate). Both bills appear to address the same increase in the credit cap for SUNY-related charitable contributions.

Notes

  • The provided information does not specify whether the cap is annual or total, nor does it detail any sunset provision or eligibility criteria beyond the SUNY Impact Foundation. Further text would clarify these operational details.

Compiled from official sources — confirm details with the bill’s official record.

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