State Senator Martin Malave Dilan (D-Brooklyn) today said New York’s working families need to keep more of their earnings come tax time, and that the Earned Income Tax Credit (EITC) can help them do just that.
The EITC is a special federal tax benefit that was created to assist low- and moderate-income workers who qualify. This tax credit has not only helped to reduce taxes for those who qualify, but may even result in a tax refund.
“I have developed a brochure about EITC eligibility because the more people who know about the EITC program and take advantage of its tax-saving potential, the more less of their money will go towards federal and state taxes,” Senator Dilan said. “At a time where the increased cost of living have stretched budgets thin, whatever New York’s working families can keep in their pockets can be a big help.”
Senator Dilan said the brochure, “The Tax Credit for People Who Work,” has been updated for tax year 2007, including new figures for eligibility. For example, married workers earning less than $35,241 with one qualifying child, or earning less than $39,783 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 $12,590 may also qualify ($14,590 for married workers).
Senator Dilan said that in addition to the federal EITC benefits, New York State offers its eligible residents a further tax credit equal to 30% of the federal EITC for tax year 2007. Eligible workers and families can reap significant tax savings by applying for both the federal and state tax credits.
“EITC can be of great benefit to New York taxpayers. But more can and should be done,” Senator Dilan said. “My Senate Democratic colleagues and I will continue working to bring relief to New York’s families well beyond tax time.”
Those individuals interested in further details about EITC eligibility may obtain a copy of this timely brochure by calling Senator Dilan’s office at (718) 573-1726.