Smith Gives Nod To Tax Credits
The Governor's Education Tax Credit proposal, which would provide a refundable credit for parents of schoolchildren, would benefit working families, says State Senator Malcolm Smith.
"Year after year education cost is rising. Between tuition, supplies and other costs, it can be difficult to keep up. The ability to claim part of your child's educational expenses on your taxes would make a real difference to many families in New York," said the Senator. The Queens lawmaker noted that the amount of credits that can be claimed is directly related to yearly income. For a family that has a yearly income of $75,000, $500 worth of credit can be claimed. Families making over $90,000 yearly would not be able to claim the credit.
"Providing our students with a sound basic education will always be our top priority," said Senator Smith. "As we continue to work hard for appropriate funding and resources for our schools, it is important that we do all we can to ensure working families also have the resources they need to help their children excel."
The Senator went on to say that "qualified" expenses include tuition, tutoring and after-school expenses. Parents who wish to claim the credit must reside in a school district that has one or more schools in need of improvement under the No Child Left Behind Act of 2001.
"I know that this proposal would certainly have a positive impact on working families across the State," said Senator Smith. "In the Future, I hope we can expand this program to help more working families in other school districts and increase the credit amount to make a larger impact."