STATE OF NEW YORK ________________________________________________________________________ 3386 2025-2026 Regular Sessions IN SENATE January 27, 2025 ___________ Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue AN ACT to amend the tax law, in relation to itemized deductions for charitable contributions The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph 2 of subsection (g) of section 615 of the tax 2 law, as amended by section 1 of part A of chapter 59 of the laws of 3 2024, is amended to read as follows: 4 (2) With respect to an individual whose New York adjusted gross income 5 is over ten million dollars, [the New York] no itemized deduction [shall 6 be an amount equal to twenty-five percent of any] for charitable 7 [contribution deduction] contributions allowed under section one hundred 8 seventy of the internal revenue code [for taxable years beginning after 9 two thousand nine and ending before two thousand thirty] shall be 10 allowed. 11 § 2. This act shall take effect immediately and shall apply to taxable 12 years commencing on and after such date. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00339-01-5