N.Y. Education Law § 656: Contributions to corporation; tax deduction thereof

§ 656. Contributions to corporation; tax deduction thereof.

Notwithstanding the provisions of any general or special law all

domestic corporations or associations organized for the purpose of

carrying on business in this state, and any person, are hereby

authorized to make contributions to the New York state higher education

services corporation or to the New York higher education loan program

variable rate default reserve fund, the New York higher education loan

program fixed rate default reserve fund, or the state of New York

mortgage agency higher education loan program default reserve fund, as

applicable and such contributions shall be allowed as deductions in

computing the net taxable income of any such person, corporation or

association for purposes of any income or franchise tax imposed by the

state or any political subdivision thereof.