The agreement reached Tuesday between the President and Congress over the so-called fiscal cliff includes help for New York’s college-tuition-paying families.
The bill crafted by New York’s Sen. Charles Schumer in 2009 that gave up to a $2,500 college tuition tax credit to families has become part of the national settlement and will continue until at least 2017. It was set to expire at the end of 2012.
Schumer, in a press release sent this afternoon, said, “The extension of the college tuition tax credit is great news for middle-class families in New York and across the country. Today, a college education is incredibly valuable, but also incredibly expensive, and these savings are needed now more than ever. This tax credit proves real relief for middle-class families by taking $1 off their taxes for every dollar spent on college tuition up to $2,500. I’m thrilled it has been extended for an additional five years and will continue to provide real savings for New York families and students.”