From the Desk of the Executive Director
We have recently learned that a temporary tax credit for donors to New York State public colleges like Westchester Community College will be available again this year. The New York State Charitable Tax Credit for Higher Education provides a tax credit, in addition to a NYS and Federal tax deduction subject to IRS limitations, for contributions made to SUNY colleges under certain conditions. Eligible minimum gifts are $10,000 and maximum gifts are $100,000. There is a $10 million statewide cap after which no additional SUNY contributions will be eligible for the tax credit. Gifts are made through SUNY, which administers this tax credit program, and the donor would designate them for Westchester Community College Foundation.
Last year, our first year participating in the program, donors generously supported a number of programs at the College, including establishing an endowment to sponsor student membership in the Phi Theta Kappa honors society for two-year colleges, which opens doors to jobs, scholarships and networking for our students. Our supporters last year received nearly $300,000 in tax credits, allowing them to enjoy tax benefits while providing important support to WCC students.
We are letting you know about this opportunity in case the tax advantages would be helpful to you should you be considering a new contribution or pledge payment to WCC this year.
It is advisable to submit an application before September 30 because all qualified applicants who have submitted applications by that date will approved, with the amounts prorated if the $10 million cap has been reached. If the $10 million cap has not been met by October 1, applications will be accepted on a first-come, first-served basis from October 1 through November 26 or until the total SUNY contributions reach $10 million. Authorization has to be received from SUNY before the contributions are made; contributions must be received by November 30 to qualify, with somewhat earlier deadlines for stock gifts and wire transfers.
If you think or your financial advisor thinks that this tax credit might be advantageous for you and you would be interested in learning more, please contact me at email@example.com or 914-606-6562. A fact sheet on the program can be accessed by clicking here.
Thank you for your generous support of WCC.