New Yorkers Owed $1 Billion in Unclaimed Tax Credits

Friday, Dec 24, 2010  |  Updated 8:46 AM EDT
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New Yorkers Owed $1 Billion in Unclaimed Tax Credits

ASSOCIATED PRESS

Sen. Chuck Schumer, D-N.Y., gestures to the crowd at a Democratic election night candidates party Tuesday, Nov. 2, 2010 in New York. (AP Photo/Frank Franklin II)

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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.

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.

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.

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