PLATTSBURGH — U.S. Sen. Charles Schumer is urging New Yorkers to take advantage of a college-tuition tax credit when they file their tax returns.
The law includes a provision to more than double the college-tuition tax break to $2,500 per student per year.
The credit, which was introduced by Schumer, is a major change to the existing tuition tax-deduction.
It will allow many middle-class families in the state to deduct dollar for dollar the money they spend on tuition up to $2,500 per student per year.
“A college education is a necessity today, and it is being priced as a luxury,” Schumer told reporters in a telephone news conference this week.
Schumer said many youths can’t go to college because they can’t afford it or they wind up attending a college that is not their preferred choice.
“When that happens, they lose, the family loses, we all lose,” Schumer said.
With college costs rising significantly, families need help in offsetting the cost, he said.
“College is not only a ticket to success, it is a ticket to massive debt,” he said, noting that the average college graduate starts out owing about $26,000.
The new legislation combined previous available credits and the college-tuition deduction into a $2,500 credit that is in effect for the next two years.
For families now taking the deduction, the new law represents an overall benefit that is at least two and a half times greater than the deduction available under the old law.
For some families, the increase in the benefit that they can take advantage of this tax season will be even greater.
For instance, a family could claim the new credit for up to three children in any given year. For families with children in college who do not have enough income-tax liability to qualify for the credit, the law provides a refund worth up to 30 percent of the credit for each student.
If everyone in the North Country who is eligible for the tax credit applies for it on their 2010 income-tax return, a savings more than $86 million will be realized, Schumer said.
“Too many people don’t take advantage of programs like this, even though they are entitled to.
“We want to alert people to be aware of this deduction.”
E-mail Joe LoTemplio at:
jlotemplio@pressrepublican.com
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