New York State Tax Credit Program
Link to application to open in August
Summary of program
What is a tax credit?
Tax benefits
Eligible gifts
Additional information
Process/timeline
Questions
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What is the New York State Tax Credit Program?
Make a powerful impact at Upstate Medical University – and enjoy exceptional tax savings.
For a limited time, you can make a charitable gift through the Upstate Foundation to support students, programs, existing funds, or other charitable causes aligned with your philanthropic goals while receiving extraordinary tax credits through the New York State Tax Credit Program. Created by New York State to encourage philanthropy, the program helps eligible donors make an even greater charitable impact while receiving valuable state tax benefits.
Here’s why this matters:
Up to 85% of your gift may be eligible for state tax credits, making this one of the most generous giving opportunities available.
You choose where your gift goes. Support the cause that matters most to you. Whether you give to an existing fund or establish your own, your generosity creates an immediate and lasting impact.
The program has a $10 million cap. If total applications exceed the cap allowable, donation amounts will be prorated.
What is a tax credit?
A tax credit is a dollar-for-dollar amount taxpayers can claim on their return to reduce the income tax they would owe. Eligible taxpayers can use tax credits to reduce their tax bill and potentially increase their refund. The tax credit is nonrefundable. Once a taxpayer’s liability is zero, the taxpayer will not get any leftover amount back as a refund.
Tax benefits
New York State: 85% of the authorized gift can be used as a tax credit toward the donor’s tax liability for 2026 only. 15% can be used as a deduction. Donors can get the benefit of both the tax credit and the deduction.
Federal: 15% of the authorized gift can be used as a deduction by donors who itemize.
To take full advantage of the program, donors should have a tax liability in New York State for at least the amount of the requested tax credit.
Eligible gifts
Donors must be New York State residents or have a New York State tax liability. Consult your tax advisor to determine whether this opportunity is right for you.
Gifts from donor-advised funds, family foundations, SCorps, IRAs and business accounts are not eligible; gifts must come from individual accounts.
Requested donations must be at least $10,000 and no more than $100,000.
Only gifts of stock, cash (wire transfers and credit cards only), or a combination of the two are accepted. Checks are not accepted.
Additional information
You may direct your gift to whatever campus priority you wish to support, establish a new fund, or make a payment on an existing pledge. Your contribution cannot be made to funds that support tuition or scholarships.
The tax credit must be used in the 2026 tax year. It does not carry forward.
If you choose to give $10,000, it may be prorated below the program’s original minimum but will still qualify for the tax credits.
Stock transfers will be processed by the University at Buffalo Foundation. Rest assured, the funds will get to Upstate Medical University.
All gifts are subject to the SUNY Impact Foundation’s 2% processing fee. Credit card gifts are subject to an additional 2.98% fee.
Process/timeline
If you already work with an Upstate Foundation development officer, we suggest you begin by contacting him or her directly so they can help guide you through the process and direct your gift to the priority of your choice.
Complete the online application, selecting Upstate Medical University as your preferred campus.
Early August: Online application will be available
September 30, 2026: Applications close
October 2026: Authorizations to be emailed to donors
November 2026: Deadline to make a donation
January 2027: Tax receipts will be processed
March 2027: Funds transferred to Upstate Foundation where allocations will be directed per intentions of participant
Questions?
Contact the Upstate Foundation at 315-464-4416, or FDN@Upstate.edu
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