City Council legislation would give 100% tax credit to poorest families

 

By Peter Spencer

Call them legislative Robin Hoods: Several city lawmakers want to give city income taxes back to the poorest families, while raising them for the richest.

State Sen. Liz Krueger, working with City Council Speaker Christine Quinn, announced yesterday she plans to introduce legislation allowing the Council to give about 224,000 households earning under $45,000 a year a 100 percent tax credit.

Since 2003, families who fell in that income category have been receiving similar credits for their state and federal income taxes, but none from the city. The credit would amount to an average of $320 per family and would cost the city about $72 million in revenue, according to the proposal, authored by the Drum Major Institute, a Manhattan-based nonprofit think tank.

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