Contributions to certain funds credit

Who is eligible?

You are entitled to this nonrefundable credit if you (as an individual), a partnership in which you are a partner, or an estate or trust you are a beneficiary of:

• contributed, during the tax year immediately prior to the one that you are filing for, to the charitable gift trust fund comprised of the health and charitable account and the elementary and secondary education charitable account; or
• contributed, during the tax year you are filing for, to one of the following:
• Health Research, Inc.,
• State University of New York Impact Foundation, or
• Research Foundation of the City University of New York.

How much is the credit?

The credit is 85% of the sum of the amounts contributed.

What are the recordkeeping requirements?

Taxpayers must prove entitlement to tax credits.  During the course of an audit, you may be required to provide documentation to substantiate entitlement based on the specific facts of your credit claim.  See Checklist for acceptable proof of the contributions to certain funds credit for more information on the recordkeeping requirements for this credit. 

Additional information

• Form IT-228, Contributions to Certain Funds Credit, and its instructions