What is the NYS Charitable Tax Credit? The New York State Charitable Tax Credit allows taxpayers to receive a tax credit for contributions made to specific organizations, including the Research Foundation of the City University of New York (RFCUNY). Contributions to RFCUNY can be directed to Hostos Community College and may qualify for significant tax benefits.

Income Tax Benefits:

· 85% Tax Credit: Donors can claim 85% of their contribution as a credit on their NYS income tax.

· 15% Tax Deduction: If itemizing deductions, donors can deduct 15% of the contribution against both NYS and federal income taxes.

· Dual Benefit: Eligible donors receive both a deduction and a credit on their NYS tax return.

Example: A $10,000 gift to Hostos may allow you an $8,500 New York tax credit and a $1,500 deduction on your New York and federal income tax.

Eligibility:

· Individuals Only: Only individuals are eligible; contributions through family foundations, donor-advised funds, and corporations are not eligible.

· NY State Tax Liability: Donors must have a New York State tax liability to participate.

Additional restrictions and deadlines apply. Donors must apply to qualify.

Contact Us Today: For more information about these opportunities, please contact Colette Atkins in the Division of Instutional Advancement at catkins@hostos.cuny.edu.