May 31, 2016
By Stephanie West
Albany, NY – New York’s 529 College Saving Program has helped New York students and families pay for more than $287 million in college-related expenses this year.
“With the cost of college on the rise, it’s a great time to consider opening a 529 College Savings account for your child,” Comptroller Thomas P. DiNapoli said. “For just as little as $25, you can begin laying the foundation to turn childhood dreams into adulthood reality.”
New York’s 529 College Savings Program, designed to help parents save for college, is tax-advantaged and has been available since 1997. The program is overseen by DiNapoli’s office and the New York State Higher Education Services Corporation. Qualified expenses under the program now include eligible computer-related expenses in addition to tuition, fees, room and board for students enrolled at least half time, books and supplies.
New York is one of 33 states offering a state tax deduction for contributions to accounts by account owners who are residents. Individuals who are account owners can deduct up to $5,000 from their state taxable income, while married couples filing jointly can deduct up to $10,000 each year.