The credit provides middle class families with $1 back on their taxes for every $1 spent on tuition up to $2,500 per year. According to the treasury, less than 50% of eligible families claimed the credit on their 2009 taxes. Last year's returns can still be amended, which means New York families in the Hudson Valley are still eligible for up to $101 million in savings.
"At a time when the cost of a college education is rising faster than ever, $2,500 could make a real difference in a family's ability to pay tuition,"aid Schumer. "Unfortunately far too many families don't know that this credit exists, but the good news is that it's not too late to put that cash in your pocket, even if you didn'tt take the credit last year. That is why I will be working with SUNY Purchase and President Schwarz to make sure we are leaving no stone unturned in getting this information out to college students and their parents."