New York A03495 establishes a tax credit for volunteers who serve at least twenty-five hours for certain organizations.

New York A03495 amends the tax law to create a tax credit for residents who volunteer for at least twenty-five hours during the year for 501(c)(3) organizations or those affiliated with NY Cares or NY Service. The credit amounts to $200 for individual volunteers and $400 for married couples filing jointly. The credit is not available to taxpayers who receive a real property tax exemption for their volunteer service. If the credit exceeds the taxpayer's tax liability, the excess will be treated as an overpayment without interest. The amendment takes effect immediately.

New York A03495 establishes a tax credit for volunteers who serve at least twenty-five hours for certain organizations.

New York A03495 amends the tax law to create a tax credit for residents who volunteer for at least twenty-five hours during the year for 501(c)(3) organizations or those affiliated with NY Cares or NY Service. The credit amounts to $200 for individual volunteers and $400 for married couples filing jointly. The credit is not available to taxpayers who receive a real property tax exemption for their volunteer service. If the credit exceeds the taxpayer's tax liability, the excess will be treated as an overpayment without interest. The amendment takes effect immediately.