Joe Robach knows that paying for your child’s higher education can be one of the biggest financial challenges facing parents. If, like many New Yorkers, you are searching for ways to pay for college, it is important to know that Joe Robach and the Senate have helped to develop savings initiatives that make higher education more attainable.
Joe Robach knows that our technological society demands a college-educated workforce that is prepared for the future. However, soaring costs have put higher education out of reach for many New Yorkers. That’s why the State Senate created the College Bound Program and the 529 College Savings Program initiatives designed to alleviate some of the burden of paying for college. The College Bound Program was an initiative of the New York State Senate and allows New York State residents to benefit from the nation’s first full state income tax deduction or tax credit for college tuition. Taxpayers have the option of receiving a refundable income tax credit equal to 4 percent of their college tuition expenses. Individuals with less than $5,000 in tuition costs will receive a minimum credit of $200 and those with up to $10,000 of tuitions cost will receive a maximum of $400 per eligible student. This credit is only available to full-year New York residents. There is also a college tuition deduction which allows taxpayers an itemized deduction for the full amount of each person’s college tuition expense, up to $10,000.
Joe Robach also supported the establishment of the 529 College Savings program which lets people build savings for tuition and related higher education expense in tax-free accounts. The 529 program offers New Yorkers a fantastic, tax-free way to save for college.
Joe Robach knows that it is important to understand all available options when it comes to paying for college education. By planning for the future, New Yorkers of all ages have been able to make their dream of attending college come true. For more information, please contact Joe Robach’s office.