January 30, 2014

Celebrating Earned Income Tax Credit Appreciation Day

Why is CCC celebrating the Earned Income Tax Credit (EITC) along with other tax credits for working families? Because we know what powerful tools they are in the fight against poverty. Tax credits, including EITC, kept an estimated 290,000 New Yorkers out of poverty in 2011.

The EITC is a tax credit for low- and moderate-income earners. Eligible New York City residents may claim City, State, and Federal EITCs. Low-income New Yorkers who qualify for all three credits can receive more than $8,000 in refunds at tax time! That $8,000 can help struggling families pay bills, handle an emergency, or save for their children’s futures.

And we are talking about a sizeable number of New Yorkers. Nearly 900,000 working New Yorkers benefit from the State and City EITC, while close to one million New Yorkers claim the federal EITC.

We hope every eligible New Yorker will claim the EITC this tax season, and today is a good day to remind everyone that filing is now easier than ever.  The New York State Tax Department permits those with an adjusted gross income of less than $58,000 to prepare and file their federal and state tax returns at no cost through their e-file website, www.tax.ny.gov. And, for the first time this year, credit-only filers can file their forms online as well.

We look forward to further strengthening and deepening the EITC and the financial security of New Yorkers. Read our suggestions on how to do this in our Recommendations to Make New York City a Better Place for Every Child.

Join our celebration of the EITC and remind eligible New Yorkers to claim it!

Tags
Earned Income Tax Credit (EITC), Economic Security

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