N.Y. Tax Law 630-G*2 – Gift for the William B
* § 630-g. Gift for the William B. Hoyt Memorial children and family trust fund. Effective for any tax year commencing on or after January first, two thousand twenty-one, an individual in any taxable year may elect to contribute to the William B. Hoyt Memorial children and family trust fund established pursuant to § 481-f of the social services law. Such contribution shall be in any whole dollar amount and shall not reduce the amount of state tax owed by such individual. The tax commission shall include space on the personal income tax return to enable a taxpayer to make such contribution. Notwithstanding any other provision of law all revenues collected pursuant to this section shall be credited to the William B. Hoyt Memorial children and family trust fund and used only for those purposes enumerated in Article 10-A of the social services law.
Terms Used In N.Y. Tax Law 630-G*2
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
* NB There are 3 § 630-g's