New York State has enacted a new budget law, Senate Bill S7509C, that is available online here.Of particular interest to many of us may be (1) Part LL, starting at page 47, establishing a Charitable Gifts Trust Fund, and (2) Part MM, starting at page 56, which establishes an Employer Compensation Expense Program.The Charitable Gifts Trust Fund creates two distinct accounts, one called the "health charitable account" and the other called the "elementary and secondary education charitable account." The moneys contributed to each (or otherwise accruing to it) are held separately from each other and everything else under the state's purview, under the joint custody of the state comptroller and the commissioner of taxation and finance. These moneys generally are required to be expended only for specified services that relate to the purposes indicated by the accounts' names.Starting in 2019, by making a timely contribution to one of these accounts,…
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