Thursday, January 15, 2009
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Schumer pushes for new college tuition tax credit in economic stimulus package
WASHINGTON - U.S. Senator Charles Schumer Wednesday announced he will introduce his bill to quadruple the value of the current college tuition tax benefits and push to pass it as part of the economic recovery package currently being put together in Congress.
The bill is a new approach and a major change to the current college tuition tax benefit. The new credit will save middle class families up to $4,000 on their taxes per student each year. Schumer said there is a good chance that this credit could pass with the economic stimulus package, as it has received broad support from the Finance Committee and the Obama Administration. If so, middle class families across Upstate New York could use the new tax credit as soon as this tax year for returns filed next year. Schumer said the savings is needed now more than ever as the economic downturn takes its toll on middle class families and tuition costs skyrocket.
"A college education is a necessity for America's children and it is being priced as a luxury item. My bill is a new approach that would mean for every $1 dollar spent on college tuition, middle class families get $1 off on their taxes," said Schumer. "A college education shouldn't break the bank for Upstate New York families. This bill could save middle class families thousands of dollars. In tough economic times like these, this bill will offer families real relief."