[Adopted 5-24-2018 by L.L. No. 1-2018]
The Village of Nassau having previously established a Charitable
Gifts Reserve Fund to receive unrestricted charitable monetary contributions
pursuant to General Municipal Law § 6-u, it is the intent
of this article to allow donors to the Charitable Gifts Reserve Fund
to receive a credit for taxes levied against their real property.
This article is adopted pursuant to Real Property Tax Law § 980-a,
which authorizes municipal corporations to adopt a real property tax
credit if it has established a Charitable Gifts Reserve Fund.
A.
Having previously established a Charitable Gifts Reserve Fund, the
Board of Trustees of the Village of Nassau, County of Rensselaer,
hereby establishes a Charitable Gifts Reserve Fund tax credit for
the Village of Nassau.
B.
Any owner of real property located within the Village who makes an
unrestricted charitable monetary contribution to the Village's
Charitable Gifts Reserve Fund shall be issued a written acknowledgement
of such contribution and may claim a credit against their Village
real property tax equal to 95%[1] of the Charitable Gifts Reserve Fund donation.
[1]
Editor's Note: Pursuant to state law, the authorized
tax credit is 95% of the value of the donation made to the City's/Village's
charitable gifts reserve fund. However, municipalities may, via local
law, establish a limit on the tax credit less than the state maximum
of 95% of the donation.
If a court determines that any clause, sentence, paragraph,
subdivision, or part of this article or the application thereof to
any person, firm or corporation, or circumstance is invalid or unconstitutional,
the court's order or judgment shall not affect, impair, or invalidate
the remainder of this article, but shall be confined in its operation
to the clause, sentence, paragraph, subdivision, or part of this article
or in its application to the person, individual, firm or corporation
or circumstance, directly involved in the controversy in which such
judgment or order shall be rendered.
