Bill Text: NY A03630 | 2019-2020 | General Assembly | Introduced
Bill Title: Relates to establishing the New York state charitable health and education trust fund and the New York state charitable health and education trust fund donation tax credit; establishes such fund shall benefit entities that provide health care or educational services and/or resources in New York state; provides that donors to such fund shall receive a tax credit equal to the total amount of such donation.
Spectrum: Partisan Bill (Democrat 12-0)
Status: (Introduced - Dead) 2020-01-08 - referred to ways and means [A03630 Detail]
Download: New_York-2019-A03630-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 3630 2019-2020 Regular Sessions IN ASSEMBLY January 29, 2019 ___________ Introduced by M. of A. SCHIMMINGER, THIELE, GOTTFRIED, ABINANTI, GALEF, CRESPO, PEOPLES-STOKES, ZEBROWSKI, PICHARDO, COLTON, BLAKE -- Multi- Sponsored by -- M. of A. PRETLOW -- read once and referred to the Committee on Ways and Means AN ACT to amend the state finance law and the tax law, in relation to establishing the New York state charitable health and education trust fund and the New York state charitable health and education trust fund donation tax credit The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The state finance law is amended by adding a new section 2 99-ff to read as follows: 3 § 99-ff. New York state charitable health and education trust fund. 4 1. (a) There is hereby established in the sole custody of the state 5 comptroller a special fund to be known as the New York state charitable 6 health and education trust fund. 7 (b) The comptroller, in consultation with the attorney general, shall 8 ensure such trust fund satisfies the requirements of 501(c)(3) of the 9 United States internal revenue code. 10 2. (a) The state comptroller is hereby declared to be the trustee of 11 the trust fund established pursuant to subdivision one of this section, 12 and shall manage the investments of the trust fund. The state comp- 13 troller shall manage the investments of the trust fund in a careful and 14 prudent manner consistent with the guidelines and provisions of section 15 ninety-eight of this article. 16 (b) Any interest or other income or appreciation resulting from the 17 investment of assets of the trust shall accrue to and become part of the 18 assets of the trust. 19 (c) The state comptroller may enter into contracts to provide for 20 investment advice and management, custodial services, and other profes- 21 sional services for the administration and investment of the trust. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD03912-01-9A. 3630 2 1 Administrative fees, costs and expenses, including investment fees and 2 expenses, shall be paid from the assets of the trust fund. 3 3. The New York state charitable health and education trust fund is 4 established for the exclusive benefit of entities that (a) provide 5 health care or educational services and/or resources in New York state 6 and (b) contributions to which would qualify for the charitable 7 deduction under the United States internal revenue code. 8 4. (a) The trust fund shall consist of all donations received, and all 9 other moneys appropriated, credited, or transferred thereto from any 10 other fund or source pursuant to law. Any interest, income or appreci- 11 ation earned by the investment of moneys in such trust fund shall be 12 added to such trust fund, become a part of such trust fund, and be used 13 for the purpose of such trust fund. 14 (b) The comptroller shall establish the process by which such trust 15 fund shall receive donations and, in consultation with the department of 16 taxation and finance, shall provide donors to the trust fund with a 17 receipt including the donor's name, the amount of such donation and any 18 other information required by the department of taxation and finance for 19 such donors to qualify for the tax credit established pursuant to 20 section six hundred six of the tax law. 21 (c) The moneys in such trust fund shall be transferred only for 22 providing aid to entities described in subdivision three of this 23 section. Prior to making distributions from the trust fund, the state 24 comptroller, in consultation with the director of the budget, shall 25 evaluate health care and education needs in the state to determine which 26 entities shall receive distributions and the amount of such distrib- 27 utions. 28 (d) The state comptroller shall provide for the administration of the 29 trust fund, including maintaining donor records, and providing annual 30 audited reports. 31 § 2. Section 606 of the tax law is amended by adding a new subsection 32 (jjj) to read as follows: 33 (jjj) New York state charitable health and education trust fund 34 donation tax credit. (1) General. A taxpayer shall be allowed a credit, 35 to be computed as provided in this subsection, against the tax imposed 36 by this article for any donations made to the New York state charitable 37 health and education trust fund established pursuant to section ninety- 38 nine-ff of the state finance law. 39 (2) Amount of credit. A credit authorized by this subsection shall 40 equal the total dollar amount of donations to the New York state chari- 41 table health and education trust fund made by the taxpayer during the 42 taxable year. 43 (3) Record of donation. To claim a credit under this subsection, an 44 eligible taxpayer shall provide the department with a receipt of 45 donation issued pursuant to subdivision four of section ninety-nine-ff 46 of the state finance law. 47 (4) Carryover of credit. If the amount of the credit, and carryovers 48 of such credit, allowable under this subsection for any taxable year 49 shall exceed the taxpayer's tax for such year, such excess amount may be 50 carried over to the four taxable years next following the taxable year 51 with respect to which the credit is allowed and may be deducted from the 52 taxpayer's tax for such year or years. 53 (5) Transfer of credit. Any taxpayer may transfer in part, or in full, 54 the New York state charitable health and education trust fund donation 55 tax credit to another person or entity for use against tax imposed under 56 this article. In order for the transferee to apply the credit againstA. 3630 3 1 taxes for a particular year, the transferee shall have acquired the 2 credit on or before the date upon which the transferee's taxes are due 3 (without extensions) for the year in question. A transferor and a trans- 4 feree shall notify the department of any credit transfer. 5 § 3. This act shall take effect on the ninetieth day after it shall 6 have become a law and shall apply to taxable years beginning on or after 7 January 1, 2019; provided, however, that effective immediately, the 8 addition, amendment and/or repeal of any rule or regulation necessary 9 for the implementation of this act on its effective date are authorized 10 and directed to be made and completed on or before such effective date.
