NYS Charitable Tax Credit Program
The NYS Charitable Tax Credit Program Key Facts
- A time-limited opportunity to make a donation to Westchester Community College Foundation and receive an extraordinary tax benefit through the SUNY Impact Foundation.
- The minimum gift is $10,000 and the maximum gift is $100,000
- There is a $10 million cap on the program SUNY-wide.
Income Tax Benefits of the NYS Charitable Tax Credit Program
- New York State: 85% of the qualified contribution is an income tax credit. 15% of the qualified contribution is deductible for NY State.
- Federal: 15% of the qualified contribution is deductible.
NYS Charitable Tax Credit Program Process
- Contact Dolores Swirin-Yao at WCC Foundation for an application at Ds38@sunywcc.edu or 914-606-6562 to begin the authorization process.
- The donor must have an authorization from the SUNY Impact Foundation to participate.
- All qualified applications received by 5:00 pm September 30 will be accepted.If a total of more than $10 million in applications across SUNY has already been received by September 30, the amount approved for the income tax credit will be prorated regardless of the date the application was received.
- If the cap of $10 million has not been reached by October 1, additional qualified applications to participate in the program will be approved on a first-come, first-served basis.
- All donations must be received by November 30, 2022, to qualify. Stock transfers must be initiated by November 21, 2022. Wire transfers must be initiated by November 28, 2022.
Ways you can make your donation
- Wire transfer
- Credit card (credit card fee applies)
- Combination cash and stock
Frequently Asked Questions
Can I be confident that the funds will get to Westchester Community College?
Can I receive the tax credit if I give through a donor advised fund, family foundation or retirement fund?
Are there tax liability requirements for taking the tax credit in New York State?
Will I have a better chance of having my application approved if I get my request in early?
Why do stock gifts go through University of Buffalo? Do they still get to WCC?
Am I able to direct my gift to a specific scholarship or other program at WCC?
Can a corporation make a tax-advantaged gift through this program?
Can I get a matching gift from my company for my NYS Tax Credit gift?
Are in-kind gifts accepted?
Is this program offered every year?
Is there a corresponding tax credit for New York City?
Where can my tax professional or I find more information on this tax credit?
How do I claim my tax credit?
Can I roll the credit forward if I do not have a big enough tax obligation this year, or can I use it to fulfill previous years’ tax obligations?
This is informational only and does not constitute tax advice. We recommend that you consult with your own tax advisor before making any significant financial decisions.
For more information, contact:
Dolores Swirin–Yao, Executive Director, Westchester Community College Foundation Ds38@sunywcc.edu 914–606–6562