The Tax Reform plan that has now passed Congress and awaits President Trump's signature, contains a provision that will allow private school parents to use tax-free 529 Savings Plans to pay for private elementary and high school tuition. Previously, 529 plans were only allowed for college costs.
7 Eyewitness News Reporter Ed Reilly spoke with Sr. Carol Cimino, Superintendent of Catholic Schools in the Diocese of Buffalo, about what the change will mean for the 11,000+ Catholic school families in the diocese.
While Sr. Cimino was happy for the federal efforts, she is less happy with Governor Andrew Cuomo - who just vetoed a state legislature measure that would reimburse Catholic Schools for their costs involved in preforming state mandated tasks such as conducting NYS mandated testing and collecting immunization records.
The measure had passed both houses of the NYS legislature before going to the governor.
Cuomo's veto means Buffalo-area Catholic schools will lose an estimated $750,000 dollars annually, explained Superintendent Cimino.
The Nichols School provided this statement on the impact of 529 Savings Plans:
“We certainly hope this could potentially help families save for education. We are always looking for ways to make a Nichols School education accessible to as many students as possible. Nichols is dedicated to attracting students from a broad range of economic backgrounds, and we currently offer financial assistance through several vehicles, including different payment plans and need-based financial aid.” – Dan Dolan, Nichols School Chief Financial Officer
You can hear more in Ed Reilly's report.