How Tax Credits Work
A tax credit is a dollar-for-dollar amount that taxpayers can claim on their return to reduce the income tax they owe. Eligible taxpayers can use tax credits to lower their tax bills and potentially increase their refunds. The tax credit is nonrefundable. Once a taxpayer’s liability reaches zero, they will not receive any remaining amount back as a refund.
Tax Benefits
By contributing through this program, you directly support FLCC students and reduce your tax bill. As a donor, you will receive these tax benefits:
- 85% of the authorized gift can be used as a New York State tax credit toward your tax liability for 2025 only.
- 15% of the authorized gift can be used as a federal tax deduction.
Because a tax credit reduces taxes dollar for dollar, you can significantly lower your tax owed. However, credits are non-refundable and cannot exceed your NYS tax liability.
Example of Tax Benefits
A gift of $100,000 made through the program would provide:
- $85,000 tax credit (85%) on your NYS tax returns.
- $15,000 deduction (15%) on your federal returns.
- $9,450 estimated out-of-pocket cost after tax savings.
Consult a tax advisor for calculations that account for your personal tax liability.
Eligible Gifts
This is a limited-time opportunity with the following eligibility criteria:
- NYS residents or individuals who have NYS tax liability.
- Minimum gift of $10,000 and a maximum gift of $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.
Note: Gifts from donor-advised funds, family foundations, S corporations, and IRAs are not eligible for this program.
You may designate your gift to:
- The Plant & Environmental Science Center (eligible for naming opportunities).
- The FLCC Fund.
- Academic program funds or any other non-scholarship area of your choice.
Note: Gifts to student scholarships do not qualify under SUNY’s guidelines.
Donation Process and Timeline
Ready to donate through the New York State Tax Credit Program? Keep track of the following dates.
| Date | Deadline |
|---|---|
| Aug. 4, 2025 | Online application opens. |
| Sept. 30, 2025 | Applications close. |
| Oct. 10, 2025 | Authorizations emailed to donors. |
| Nov. 21, 2025 | Last day for submitting securities transfers to brokerage firms. |
| Nov. 26, 2025 | Last day for submitting credit card and ACH donations. |
| Jan. 12, 2026 | Tax receipts processed. |
| March 2026 | Funds are transferred to the FLCC Foundation, where allocations will follow the participant's intentions. |
Get Started – Apply Today
We are now accepting applications for NY State Charitable Tax Credit Contributions. To get started, complete the online form and select Finger Lakes Community College as your preferred campus.
Applications must be received by September 30, 2025.
Additional information
- You can direct your gift to any campus priority you want to support, create a new fund, or make a payment on an existing pledge.
- The tax credit must be used during the 2025 tax year; it cannot be carried forward.
- If you choose to donate $10,000, it may be prorated below the program’s original minimum but will still qualify for the tax credits.
- The University at Buffalo Foundation will handle stock transfers. Rest assured, the funds will go to Finger Lakes Community College.
- The SUNY Impact Foundation charges a 2% processing fee on all gifts, and a 2.98% fee is charged on credit card gifts.
Questions?
Contact the FLCC Foundation Executive Director at 585-642-9700 or Brie.Chupalio@flcc.edu.
The FLCC Foundation is a 501 (c) (3) charitable corporation.