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.
Summary
Bill A03495 proposes to amend the New York tax law by establishing a tax credit for residents who volunteer at least twenty-five hours during the year for qualified organizations, specifically 501(c)(3) entities or those affiliated with NY Cares or NY Service. The credit is set at $200 for individual taxpayers, and for couples filing jointly, the credit doubles to $400. The bill aims to incentivize volunteerism by providing a financial benefit to those who contribute their time to community service.
Impact
If enacted, this bill would introduce a new tax credit that could affect the overall tax liabilities of qualifying volunteers in New York. It would specifically impact the tax law by adding a new subsection to Section 606, potentially increasing the number of individuals engaging in volunteer work. The bill also stipulates conditions under which taxpayers can claim the credit, particularly concerning existing real property tax exemptions, which may lead to changes in how volunteers manage their tax situations.
Sentiment
The general sentiment surrounding Bill A03495 appears to be positive, as it encourages community service and recognizes the contributions of volunteers. However, the lack of voting history and committee discussions makes it difficult to gauge any significant opposition or concerns from lawmakers at this stage.
Contention
Notable points of contention may arise regarding the eligibility criteria for the tax credit, particularly the stipulation that individuals receiving a real property tax exemption cannot also claim this credit unless they meet specific conditions. This could lead to discussions among lawmakers about the fairness and accessibility of the credit for all potential volunteers, especially those who may rely on property tax exemptions.
Same As
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.
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.
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.
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.
Allows volunteer firefighters or emergency services personnel to attend training required under 19 NYCRR 426 without being penalized by their employer; creates tax incentives for employing volunteer firefighters or emergency services personnel.
Provides for salary bonuses for members of the uniformed service with the New York city fire department who retire with at least twenty-five, thirty or thirty-five years of service, including an additional bonus for each year after year twenty-five.