Tuition tax credits available for middle class families
WASHINGTON, DC – U.S. Senator Charles E. Schumer (D-Binghamton) is reaching out to parents of college and graduate students who may be up all night worrying about affording tuition.
Education tax credits are available to families earning $200,000 or less, he said, and have been since the American Reinvestment and Recovery Act was passed in February.
“I’m reminding New Yorkers about this law. Forty percent of New Yorkers don’t know of this new law,” he said in a conference call to reporters Friday.
For every dollar spent on college tuition, a middle class family can receive a dollar off on their taxes, up to $2,500. The provision is currently in affect for the 2009 tax year for taxes filed in April 2010.
The Senator said he planned to telephone every college president in New York State to embark on a campaign to inform students and their families.
The credits would provide Southern Tier families with more than $75 million in savings.
The savings are needed now more than ever as the economic downturn continues to take takes its toll and tuition costs skyrocket. According to the Senator’s office, tuition is up 44 percent for private colleges in upstate New York and prevents 48 percent of qualified high school graduates from attending a 4-year institution.
“Having a well-educated workforce is becoming more and more important to our society, and for the future for upstate New York, in terms of jobs, it is our colleges. ... When students can’t go to the school they should go to, they lose, their families lose, New York lose and the country loses.”
He said the initiative would increase enrollment in community colleges.
Education tax credits are available to families earning $200,000 or less, he said, and have been since the American Reinvestment and Recovery Act was passed in February.
“I’m reminding New Yorkers about this law. Forty percent of New Yorkers don’t know of this new law,” he said in a conference call to reporters Friday.
For every dollar spent on college tuition, a middle class family can receive a dollar off on their taxes, up to $2,500. The provision is currently in affect for the 2009 tax year for taxes filed in April 2010.
The Senator said he planned to telephone every college president in New York State to embark on a campaign to inform students and their families.
The credits would provide Southern Tier families with more than $75 million in savings.
The savings are needed now more than ever as the economic downturn continues to take takes its toll and tuition costs skyrocket. According to the Senator’s office, tuition is up 44 percent for private colleges in upstate New York and prevents 48 percent of qualified high school graduates from attending a 4-year institution.
“Having a well-educated workforce is becoming more and more important to our society, and for the future for upstate New York, in terms of jobs, it is our colleges. ... When students can’t go to the school they should go to, they lose, their families lose, New York lose and the country loses.”
He said the initiative would increase enrollment in community colleges.
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