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.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A2658
SPONSOR: Dilan TITLE OF BILL:
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
SUMMARY OF PROVISIONS:
The bill amends section 606 of tax law, creating subsection (ccc). This
new subsection would grant a tax credit to individuals or couples who
serves as active volunteer(s), donating 25 or more hours per year for an
established 501(c)(3) organization.
JUSTIFICATION:
This bill is intended to provide relief for current volunteers of
501(c)(3) organizations and encourage future volunteers for these organ-
izations that provide vital resources in some of our most underserved
communities.
PRIOR LEGISLATIVE HISTORY:
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
None
EFFECTIVE DATE:
This act shall take effect immediately.
STATE OF NEW YORK
________________________________________________________________________
2658
2023-2024 Regular Sessions
IN ASSEMBLY
January 26, 2023
___________
Introduced by M. of A. DILAN -- read once and referred to the Committee
on Ways and Means
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 (ooo) to read as follows:
3 (ooo) Volunteer organizations credit. (1) For taxable years beginning
4 on and after January first, two thousand twenty-three, a resident
5 taxpayer who serves as an active volunteer for an established 501(c)(3)
6 organization or an organization affiliated with NY Cares or NY Service
7 shall be allowed a credit against the tax imposed by this article equal
8 to two hundred dollars. In order to receive this credit a volunteer must
9 have completed at least twenty-five hours of service for such organiza-
10 tion 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 twenty-three taxable year as a result of making appli-
16 cation therefor in a prior year or (B) if the taxpayer notifies his or
17 her assessor in writing by December thirty-first, two thousand twenty-
18 three of the taxpayer's intent to discontinue such real property tax
19 exemption by not re-applying for such real property tax exemption by the
20 next taxable status date, such taxpayer shall be eligible for this cred-
21 it for the two thousand twenty-three 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.
LBD03174-01-3
A. 2658 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.
