ALBANY, N.Y. (AP) — U.S. Sen. Charles Schumer says New Yorkers are owed $1 billion in tax credits for tuition they paid.
Schumer is announcing Thursday that he’s working with New York colleges to alert families of the tax credit for tuition that about half of families who are eligible have missed in their federal income tax returns.READ MORE: Kreider's Hat Trick Powers Rangers To Win Over Coyotes
The credit he pushed in the Senate provides $1 off federal taxes for every $1 spent on tuition, up to $2,500 a year.
Taxpayers can amend last year’s return to claim the credit as well as claim it in the next two years.READ MORE: New York Weather: CBS2’s 1/23 Sunday Morning Forecast
Schumer announced colleges are now contacting families to alert them about the credit.
The announcement was at Schenectady Community College, the last stop in his 12th tour of all 62 counties in the state.MORE NEWS: Bratt Helps Devils Rally For Win Over Hurricanes
(Copyright 2010 by The Associated Press. All Rights Reserved.)