According to the newly issued Notice 2018-54 from the IRS, the Treasury Department and IRS intend to propose regulations addressing the federal income tax treatment of contributions made to state and local government funds (such as the charitable reserve funds recently enacted in New York) in excess of $10,000.

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The NYS Department of Taxation and Finance and NYS Department of State have released guidance regarding charitable contributions to local governments and school districts.

The complete guidance document can be downloaded via the link below:

Charitable Fund Creation Guidance

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The Governor's Office has shared information with elected officials statewide regarding upcoming guidance and training on the creation of charitable funds for local governments. The State is preparing materials and will be conducting presentations throughout the State to share the information and the tools necessary to evaluate this opportunity and implement the program (if the local government/school district chooses to participate). Although no dates are set at this moment, you can submit an online form expressing your interest in participating in this training.  Click on the link to express your interest: Charitable Fund Creation Training