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BROOKLYN---A new proposal which would provide parents in New York City and other qualified school districts with a refundable education tax credit of up to $500 per child to help defray programs, summer, school, special classes or primary or secondary school tuition was unveiled Wednesday by Gov. George E. Pataki during a visit to Brooklyn.
Under the education tax credit proposal, first unveiled in the Governor's Executive Budget last week, parents of 1.8 million school children throughout New York State - including all 1.3 million New York City schoolchildren -- would be eligible for the new credit.
"Together, we've made an unprecedented commitment to ensuring that New York's schools have the resources to give our children the opportunity to receive a quality education. Since 1995, we've increased State aid to schools by 65 percent - and by more than 85 percent to New York City schools," Governor Pataki said. "This education tax credit will build on our progress and give parents new resources and new flexibility to help them meet the educational needs of their children. It's vital that New York be a strong partner with parents, students and teachers to help them get the specific help they need to learn, grow and succeed."
To qualify, parents must live in school districts where one or more schools are required to offer public school choice under the requirements of the Federal "No Child Left Behind Act" and the school district must receive Federal Title I funds. This includes all parents with school-age children in New York City.
Under the proposal, families with incomes up to $75,000 would be eligible for the full $500 credit. Those with incomes between $75,000-$90,000 would receive a partial credit.
According to the State Division of Budget, 80% of the benefit in New York City would go to parents with children in public schools and statewide 87 percent of the benefit would go to public school parents.
The new educational tax credit would provide families with a total of $400 million annually beginning in the 2006 State fiscal year. Approximately 70% of the savings -- or $280 million -- would go to parents in New York City. The remaining 30 percent would be directed to parents with children in the 80 other eligible school districts across the State. If passed by the State Legislature, the tax credit would be effective for qualified taxpayers beginning in the 2006 Tax Year. 1-26-06
© 2005 North
Country Gazette
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