NY Governor Cuomo Proposes Tax Credit for Gifts to Educational Nonprofits

As reported in The Buffalo News, New York Governor Andrew Cuomo is proposing that those who donate to organizations “that give scholarships to low- and middle-income families to attend private schools would get a tax break,” as would those who donate “to education foundations and other groups that help public schools.”  The form of the proposed tax incentive is reported to be a state income tax credit that “would take up to 75 cents off the tax bill for every dollar donated, up to a $1 million.”

Enacting the proposal into law may require some political maneuvering.  The story continues:

In Albany, debate over the tax credit has been framed as a fight between private school supporters and public school advocates. But Cuomo last month linked it to another education proposal, the DREAM Act, short for Development, Relief and Education for Alien Minors, which would let children of undocumented immigrants get college tuition assistance.

 

Cuomo told lawmakers last month that he would only approve the two together.

The article states that opponents fear the proposal will lead to less support for public schools, whereas others see benefits to public education in that donors to charities “that raise money for school improvements or academic programs at public schools would be eligible for the tax credit under Cuomo’s plans.” 

JRB