Provides for a personal income tax deduction not to exceed two hundred dollars for monetary gifts to a public library; provides such monetary gifts must be used for the purchase of books or towards acquisition of computers and software by the library; directs library to issue a receipt for such donation.
BILL NUMBER : S1497
TITLE OF BILL : An act to amend the tax law, in relation to making monetary gifts to libraries
PURPOSE : To encourage private donations to public libraries.
SUMMARY OF PROVISIONS : Section 1 -- Adds a new paragraph 39 to subsection (c) of section 612 of the Tax Law. This paragraph creates a personal income tax credit of up to $200 for donations made to public libraries. The paragraph specifies what materials the donation must be used to purchase.
Section 2 -- Effective date.
JUSTIFICATION : Public libraries provide a tremendous service to their communities. Unfortunately, throughout New York State, public libraries, like many other public institutions, are facing financial difficulties.
This legislation creates a $200 personal income tax credit for those who make contributions to libraries. This tax credit will encourage New Yorkers to provide badly needed assistance to these very important institutions.
PRIOR LEGISLATIVE HISTORY : A.81/S.565 of 2007-2008 A.1787 of 2005-2006 A.6875 of 2003-2004 A.3023 of 2001-2002 A.5681 of 1999-2000 A.4325/S.2650-A of 1998-1999 A.8255-A/S.6426 of 1995-1996
FISCAL IMPLICATIONS : Undetermined.
EFFECTIVE DATE : This act shall take effect immediately and shall apply to tax years beginning on or after January 1, 2010.
STATE OF NEW YORK ________________________________________________________________________ 1497 2009-2010 Regular Sessions IN SENATE February 2, 2009 ___________Introduced by Sens. DeFRANCISCO, GRIFFO, MAZIARZ, MORAHAN, SEWARD, VOLK- ER -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations AN ACT to amend the tax law, in relation to making monetary gifts to libraries THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (c) of section 612 of the tax law is amended by adding a new paragraph 39 to read as follows: (39) AN AMOUNT NOT TO EXCEED TWO HUNDRED DOLLARS FOR MONETARY GIFTS TO ANY LIBRARY IN THE STATE OF NEW YORK AS DEFINED UNDER SECTION TWO HUNDRED FIFTY-THREE OF THE EDUCATION LAW. THE MONEY MUST BE USED BY THE PARTICULAR LIBRARY ONLY FOR THE PURCHASE OF BOOKS AND LIBRARY MATERIALS OR TOWARDS THE ACQUISITION OF COMPUTERS AND SOFTWARE BY THE LIBRARY. WHEN THE GIFT OR GIFTS ARE MADE BY THE INDIVIDUAL, THE LIBRARY SHALL PROVIDE THAT INDIVIDUAL WITH AN OFFICIAL RECEIPT. S 2. This act shall take effect immediately and shall apply to tax years beginning on or after January 1, 2010.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02127-01-9