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FOR IMMEDIATE RELEASE: February 1, 2005
SCHUMER JOINS STATE PIRGS TO REVEAL COLLEGE TEXTBOOK PRICES
ARE SKYROCKETING
New Schumer Bill Calls for $1,000 Tax Credit for College Textbooks
US Senator Charles E. Schumer today joined the State Public Interest
Research Groups in releasing a study showing the price of textbooks
rising steeply beyond inflation. To help students and parents deal
with skyrocketing textbook costs, Schumer introduced legislation
in the 108th Congress (S. 2797) which would allow them to deduct
up to $1,000 for the cost of textbooks from their federal income
taxes. He plans to introduce similar legislation this year, and
will push for its passage from his new post on the Finance Committee.
Like Schumer's college tuition tax deduction, the full textbook
deduction would be available for single filers with income up to
$65,000 and joint filers with income up to $130,000.
This new tax deduction is modeled on the federal College Tuition
Tax Deduction, which went into effect for tax year 2002 and which
was originally part of Schumer's Make College Affordable Act. In
April 2005, taxpayers are able to deduct up to $4,000 in college
tuition costs on their federal taxes. This year, Schumer will also
push his legislation to increase the allowable tuition deduction
to $12,000 and provide a $1,500 tax credit on student loan interest.
"In today's America, getting a college degree is as vital as
having air to breathe. But with costs going up as much as they have,
the cost of getting that degree is backbreaking and it's only getting
worse. After they pay the tuition, parents and students are getting
slapped with shockingly high costs for textbooks in class, after
class, at school and after school," said Schumer.
Schumer said that students and their parents are already getting
slammed with huge tuition increases this year, and the increasing
cost of textbooks is putting the cost of college even further out
of reach for middle-class New Yorkers.
"For the first time ever, this proposal would let parents or
students deduct the cost of their books from their taxes. This means
real dollars and real savings for middle class families who have
to beg and borrow to send their kids to college," Schumer said.
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