Bill Text: NY S04831 | 2019-2020 | General Assembly | Introduced

Bill Title: Establishes a tax credit for certain volunteers at 501(c)(3) organizations or organizations affiliated with NY Cares or NY Service who provide at least twenty-five hours of service during the year.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2019-03-26 - REFERRED TO BUDGET AND REVENUE [S04831 Detail]

Download: New_York-2019-S04831-Introduced.html

                STATE OF NEW YORK
                               2019-2020 Regular Sessions
                    IN SENATE
                                     March 26, 2019
        Introduced  by  Sen.  FELDER -- read twice and ordered printed, and when
          printed to be committed to the Committee on Budget and Revenue
        AN ACT to amend the tax law, in relation to establishing  a  tax  credit
          for certain volunteers providing at least twenty-five hours of service
          during the year
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
     2  subsection (jjj) to read as follows:
     3    (jjj)  Volunteer organizations credit. (1) For taxable years beginning
     4  on and after January first, two thousand nineteen, a  resident  taxpayer
     5  who serves as an active volunteer for an established 501(c)(3) organiza-
     6  tion  or an organization affiliated with NY Cares or NY Service shall be
     7  allowed a credit against the tax imposed by this article  equal  to  two
     8  hundred  dollars.  In order to receive this credit a volunteer must have
     9  completed at least twenty-five hours of service  for  such  organization
    10  during the taxable year for which the credit is sought.
    11    (2)  If  a taxpayer receives a real property tax exemption relating to
    12  such service under title two of article four of the  real  property  tax
    13  law,  such  taxpayer  shall  not  be eligible for this credit; provided,
    14  however (A) if the taxpayer receives such real property tax exemption in
    15  the two thousand nineteen taxable year as a result of making application
    16  therefor in a prior year or (B) if the  taxpayer  notifies  his  or  her
    17  assessor  in  writing by December thirty-first, two thousand nineteen of
    18  the taxpayer's intent to discontinue such real property tax exemption by
    19  not re-applying for such real property tax exemption by the next taxable
    20  status date, such taxpayer shall be eligible for this credit for the two
    21  thousand nineteen taxable year.
    22    (3) In the case of a husband and wife who file a joint return and  who
    23  both  individually  qualify  for  the  credit under this subsection, the
    24  amount of the credit allowed shall be four hundred dollars.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        S. 4831                             2
     1    (4) If the amount of the credit allowed under this subsection for  any
     2  taxable  year  shall exceed the taxpayer's tax for such year, the excess
     3  shall be treated as an overpayment of tax to be credited or refunded  in
     4  accordance with the provisions of section six hundred eighty-six of this
     5  article, provided, however, that no interest shall be paid thereon.
     6    § 2. This act shall take effect immediately.