SCHUMER TO ANNOUNCE PUSH TO INCLUDE HIS NEW COLLEGE TUITION TAX CREDIT IN ECONOMIC STIMULUS PACKAGE – PLAN COULD QUADRUPLE MAXIMUM BENEFIT AND SAVE MIDDLE CLASS FAMILIES THOUSANDS OF DOLLARS

Schumer: This Expanded Credit Is Likely to Be Included in New Economic Stimulus Package

Credit Is New Approach & Major Change - For Every $1 Spent On College Tuition, Middle Class Families Could Get $1 Off On Taxes, Up To $4,000 A Year – Better Than Present Deduction That Saves Families Only 15 Or 25 Cents On The Dollar
 
If Passed, Families In Westchester, Rockland, Putnam Counties Could Use the New Tax Credit Toward Tuition and Textbook Costs for Each Student As Soon As This Tax Year

On Friday, January 16, 2009 at 11:30am at Westchester Community College, U.S. Senator Charles E. Schumer will announce his bill to quadruple the value of the current college tuition tax break 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 deduction. The new credit would allow many middle class families in Westchester, Putnam and Rockland Counties to deduct dollar-for-dollar the money they spend on tuition for a credit of up to $4,000 per student each year. If passed, middle class families in the Hudson Valley could use the new tax credit as soon as this tax year. Schumer will say the savings is needed now more than ever as the economic downturn takes its toll on middle class families and tuition costs skyrocket. Public university tuition in New York rose 52 percent between the1999-2000 and the 2008-2009 school years. Private college tuition in New York rose just as quickly, up 58 percent over the same time period. Schumer will say that he is lobbying hard in Congress to get his new middle class tuition tax credit bill - that he has introduced - into the new economic stimulus package.