With tax time a little more than two-and-a-half months away, State Senator Kevin Parker (D-Brooklyn) is encouraging working New Yorkers to look into using the Earned Income Tax Credit (EITC) as a way to keep more money in their own pockets.
EITC is a special federal tax benefit that was created to assist low- and moderate-income workers. This tax credit has not only helped to reduce taxes for those who qualify, but may even result in a tax refund.
In 2006, over 21 million low- and moderate-income workers claimed Earned Income Tax Credits worth more than $38 billion.
“I believe it is important that New Yorkers find out about the EITC,” Senator Parker said. “This valuable tax credit program has proven to significantly ease the tax burden for individuals and families, and I urge my constituents who are eligible to take advantage of its tax-saving
For example, married workers earning less than $34,001 with one qualifying child, or earning less than $38,348 with two or more qualifying children, may be eligible to receive this benefit. What’s more, individuals between the ages of 25 and 64 with no children and earning less
than $12,120 may also qualify ($14,120 for married workers).
Senator Parker said that in addition to the federal EITC benefits, <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />New YorkState offers its eligible residents a further tax credit equal to 30% of the federal EITC for tax year 2006. Eligible workers and families can reap significant tax savings by applying for both the federal and state
Those individuals interested in further details about EITC eligibility can call the New York State Department of Taxation’s informational hotline at 1-800-225-5829, or log on to www.tax.state.ny.us.
“Along with my Senate Minority colleagues, I continue to advocate for the creation and expansion of programs such as New York’s EITC, which help our working families and individuals make ends meet,” Senator Parker said. “New York’s working families should be able to keep more of their hard-earned money. Their economic well-being will always be among my top priorities.”