New York state Assemblyman Charles Nesbitt (R,C-Albion) reminds residents that December 31 is the last day to apply for New York's College Savings Program and still be eligible to deduct contributions from this year's New York state taxable income.

The College Savings Program allows a person to set up an account for a specific beneficiary. The money is invested as the account owner wishes. Thirty-six months after the account has been opened, funds can be withdrawn by the owner to be used towards paying the higher education costs of the beneficiary, eligible at a public or private college or university, trade, vocational or professional school anywhere.

Individuals participating in the program are allowed to deduct up to $5,000 in contributions per year from their state taxable income. A husband and wife filing jointly are allowed to deduct up to $10,000 per year. To be eligible for these deductions for 2001 those wishing to join the program must have their applications postmarked by the December 31 deadline.