New York is set to join a federal tax program that allows families to use tax-free savings accounts to pay for private school tuition, a move that could have significant implications for the state's private education sector. The program, known as the 529 Education Savings Plan, allows families to save up to $10,000 per year in tax-free savings for private school tuition, bringing much-needed relief to families who struggle to afford the costs of private education. The program has been available in several states since its inception, but New York's participation will make it a valuable resource for families across the state. As the cost of private education continues to rise, the program's expansion could help more families access quality education options.
New York to join federal tax program aiding nonprofits that help families pay for private school New York Daily News
