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ALBANY, N.Y. (AP) — New York's tax commissioner is touting a program that helps state residents pay less in income taxes.
Commissioner Jerry Boone is encouraging residents to open a New York State 529 College Savings Plan, which lets them save for college while saving on their taxes. The account can be used to pay for anyone's college education.
To take advantage of the deduction on their 2015 tax returns, New Yorkers must enroll in the 529 Plan and put at least $25 in their accounts by December 31.
Boone says last year, New Yorkers deducted more than $1.5 billion in 529 College Savings Plan contributions on their personal income tax returns. That accounted for a direct savings of $70 million to taxpayers.