Schumer proposes tax credits for college

January 14, 2009 10:27:55 AM PST
New York Sen. Charles Schumer is proposing as much as $4,000 a year in tax credits for middle class families with children in college. He's introducing the bill as part of the federal stimulus package.

The credit would save middle class families between $2,500 and $4,000 per student each year. The amount of the credit is still being negotiated.

Individuals making up to $80,000, and families making up to $160,000, would be eligible for the full credit under Schumer's plan. Families making more than that could be eligible for smaller credits.

He says if the credit is passed, families could use them as soon as this tax year.

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