Updates & Publications

Charitable Funds for Public Educational Purposes

Posted by Gregory J. Guercio | May 11, 2018 | 0 Comments

Chapter 59 of the Laws of 2018 (Part LL), signed into law on April 12, 2018, amends several provisions of the Education Law and the Real Property Tax Law (“RPTL”) to allow school districts to accept unrestricted charitable donations for public educational purposes and grant donors a corresponding tax credit of up to 95% of the donation as against the real property taxes imposed on the donor's real property. These amendments have been reported to be a response to recently enacted federal legislation which significantly limits state and local tax deductions for federal income tax purposes beginning with the 2018 tax year. The law takes effect immediately. Guercio & Guercio, LLP clients may access the full memorandum in the client portal.

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