Staten Island, NY. With the recent passage of the 2017 Tax Cut and Jobs Act, the federal government expanded the usability of 529 Savings Accounts to include elementary and secondary education. By providing tax-free withdrawals from and deductible contributions to 529 Savings Accounts, families have the ability to invest in their child’s future education. As tuition costs continue to rise, from the elementary to collegiate level, this issue could not prove more pressing. To address this issue, Assemblyman Ron Castorina introduced legislation that would enable New York State residents to continue receiving the tax benefits of a 529 Account while sending their children to private elementary and secondary schools.  

 

“Currently, 529 Savings Plans in New York State can only be used for public and private colleges. This bill would enable families to start saving for their child’s primary education. As in many cases within my district, families opt to send their children to private schools. However, the costs of tuition within these schools follow the upward trend of national education costs. This bill would empower and encourage young families, planning for or with children, to start saving for their child’s future cost of education at the primary, secondary, and collegiate level,” said Assemblyman Ron Castorina.