N.Y. Educ. Law § 656

§ 656. Contributions to corporation; tax deduction thereof.\nNotwithstanding the provisions of any general or special law all\ndomestic corporations or associations organized for the purpose of\ncarrying on business in this state, and any person, are hereby\nauthorized to make contributions to the New York state higher education\nservices corporation or to the New York higher education loan program\nvariable rate default reserve fund, the New York higher education loan\nprogram fixed rate default reserve fund, or the state of New York\nmortgage agency higher education loan program default reserve fund, as\napplicable and such contributions shall be allowed as deductions in\ncomputing the net taxable income of any such person, corporation or\nassociation for purposes of any income or franchise tax imposed by the\nstate or any political subdivision thereof.\n