New York opting in on Trump administration's education tax credit – Spectrum News

New York opting in on Trump administration’s education tax credit  Spectrum News

The Internal Revenue Service issued proposed regulations in how the credit will be run. Gov. Kathy Hochul is officially opting the state of New York in on the federal education tax credit, also known as the "federal scholarship tax credit.” The program gives dollar-for-dollar credit for individual taxpayers who want to offset their federal tax burden by up to $1,700 and $3,400 for married couples filing jointly to a Scholarship Granting Organization (SGO). That organization will then donate the money to qualifying families to pay for private or religious school tuition for K-12 schools. Public school parents can also use the money for after school tutoring. “Every parent wants their child to have a great education and the best possible chance to succeed.

That’s what guides my decisions as Governor. New York’s public schools are the backbone of communities across this state. That’s why I’ve made historic investments in public education, increasing school funding by more than $10 billion and fully funding Foundation Aid for the first time. I’ve been clear from the start that New York would participate in the federal scholarship tax credit program if, and only if, all schools and students, including those in our public schools, could benefit. After a careful review of the federal regulations, we believe this program has the potential to bring millions