Governor Cuomo Signs Legislation That Will Help New Yorkers Go to College
Released November 29, 2016
For Immediate Release: November 29, 2016
Law Sponsored by Assemblymember Buchwald and Senator Croci Enables Families to Save Money for College at Tax Time
Last night, Governor Cuomo signed into law S6942/A9118, which will help New Yorkers go to college by enabling families to split their state tax refund and direct a portion of the refund into New York’s 529 college savings program at tax time. This bill was sponsored by Assembly member David Buchwald and NY State Senator Thomas Croci.
This law will transform the annual tax filing process into a meaningful step towards saving for college. While this law will benefit all families, it will be particularly beneficial for low- and moderate- income families: Research demonstrates that students who even have less than $500 saved are three and a half times more likely to attend and four and a half times more likely to graduate from college than similarlysituated students who do not possess a savings account.
In response, Citizens’ Committee for Children and The Financial Clinic, who have been championing this proposal for many years, are issuing the following statement:
Jennifer March, Executive Director, Citizens’ Committee for Children
Mae Watson Grote, Founder and Chief Executive Officer, The Financial Clinic
Now, 9 million New Yorkers will have an annual chance to build savings at tax time and thousands will use that opportunity to make college easier for themselves and their children. With the rising cost of education and a greater than ever emphasis placed on educational success in the labor market, Governor Cuomo has demonstrated his commitment to New York’s families and the success of their children as well as building the financial security of working poor New Yorkers.
Looking forward, The Financial Clinic is eager to support the New York Department of Taxation and Finance as it acts to implement and extend this critical opportunity to New York tax filers.”
About Citizens’ Committee for Children:
About the Financial Clinic: