A 3495: 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.
The proposed legislation aims to establish a tax credit for volunteers who provide at least 25 hours of service during the year. A resident taxpaying individual can claim a credit of $800 against the tax imposed by the state, provided they have completed the required hours of service for an established 501(c)(3) organization or an organization affiliated with NY Cares or NY Service. The credit is subject to certain conditions, including that the taxpayer must not receive a real property tax exemption related to the service. However, if the taxpayer receives such exemption in a prior year or notifies their assessor of their intent to discontinue it by December 31st, they can still be eligible for the credit in the current year. In cases where both spouses file a joint return and individually qualify for the credit, the amount of the credit allowed is $400. If the credit exceeds the taxpa…
| Jan. 07, 2026 | referred to ways and means |
| Jan. 28, 2025 | referred to ways and means |
STATE OF NEW YORK ________________________________________________________________________ 3495 2025-2026 Regular Sessions IN ASSEMBLY January 28, 2025 ___________ 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 (qqq) to read as follows: 3 (qqq) Volunteer organizations credit. (1) For taxable years beginning 4 on and after January first, two thousand twenty-five, a resident taxpay- 5 er who serves as an active volunteer for an established 501(c)(3) organ- 6 ization or an organization affiliated with NY Cares or NY Service shall 7 be 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 twenty-five taxable year as a result of making applica- 16 tion therefor in a prior year or (B) if the taxpayer notifies their 17 assessor in writing by December thirty-first, two thousand twenty-five 18 of the taxpayer's intent to discontinue such real property tax exemption 19 by not re-applying for such real property tax exemption by the next 20 taxable status date, such taxpayer shall be eligible for this credit for 21 the two thousand twenty-five taxable year. 22 (3) In the case of spouses who file a joint return and who both indi- 23 vidually qualify for the credit under this subsection, the amount of the 24 credit allowed shall be four hundred dollars. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD03845-01-5A. 3495 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.