FIE NY Is In News Featured 1200x900 1New York is in! On October 9, Governor Kathy Hochul announced that New York will participate in the Federal Scholarship Tax Credit (FSTC), a new federal program with the potential to bring millions of dollars in scholarships to New York students, including the families Futures in Education serves in Brooklyn and Queens.
In her statement, the Governor said that after a careful review of the federal regulations, she believes the program can bring additional dollars to New York students and families without taking funding from public schools or state and local budgets, adding that she is “not going to leave money on the table.” Read Governor Hochul’s full statement.
“Today is a great day for Catholic education and for students across New York,” said John Notaro, Executive Director of Futures in Education. “Futures in Education is deeply grateful to Governor Kathy Hochul for announcing that New York will participate in the Federal Scholarship Tax Credit.”
Notaro has long called the FSTC one of the most significant opportunities for Catholic education in a generation. “Every year, our team meets parents working second jobs, grandparents helping with tuition, and families making real sacrifices because they know the formation their children receive in our Catholic schools is worth it,” he said. “With New York taking part, the scholarship dollars New Yorkers give can stay right here at home, supporting students in Brooklyn and Queens.”
How the Federal Scholarship Tax Credit Works
Beginning January 1, 2027, taxpayers who owe federal income tax can claim a dollar-for-dollar federal tax credit, not just a deduction, for donations to scholarship granting organizations (SGOs) like Futures in Education, which award scholarships directly to students.
- Up to $1,700 per individual taxpayer each year
- Up to $3,400 for married couples filing jointly
- Scholarships support students from families earning up to 300% of their area’s median income
What Comes Next
Next, New York will name the scholarship granting organizations eligible to participate. Futures in Education will keep families, donors, and partners updated as the program takes shape.
“Generations of faithful Catholics built our schools and invested in young people they would never meet,” Notaro said. “Now it is our turn. We thank everyone who made their voice heard along the way, and we look forward to sharing more as New York puts the program in place.”
To learn more about the Federal Scholarship Tax Credit, visit futuresineducation.org/fstc.
Questions? Contact us.
This post is for informational purposes only and is not legal or tax advice. Please consult your tax advisor about your situation.