“I want to once again alert New Yorkers to tomorrow’s deadline to make donations to the New York State Charitable Gifts Trust Fund before the IRS’s politically motivated regulations to block our reforms that deliver relief to New York taxpayers potentially take effect.
“The new proposed regulations are another example of this federal government’s assault on New York. Regardless of these hastily proposed regulations to again attack our state’s economic competitiveness, we remain confident that our recently enacted opportunities for charitable contributions to New York State are consistent with federal law and follow well-established precedent. Rest assured that we are prepared to fight back using every tool at our disposal, including litigation.”
The FY 2019 Budget creates a new Charitable Gifts Trust Fund in the joint custody of the New York State Commissioner of Taxation and Finance and the State Comptroller to accept donations for the purposes of improving health care and public education in New York State. Contributors to the Charitable Gifts Trust Fund may choose to direct their donations into one of two accounts. The Health Charitable Account will receive charitable contributions for services relating to primary, preventive, and inpatient health care, dental and vision care, hunger prevention and nutritional assistance, and other services for New York State residents with the overall goal of ensuring that residents have access to quality health care and other related services. The Elementary and Secondary Education Account will receive charitable contributions to support the elementary and secondary education of students enrolled in public school districts in the State.
Additional information and instructions for taxpayers interested in making charitable contributions are available here. The proposed IRS regulation specifies that its changes would apply to contributions made after August 27, 2018. Charitable contributions made by mail are deemed to have been paid on the postmark date. As always, taxpayers are advised to consult a qualified tax advisor regarding their personal situation.