The 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.
“The EITC 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 this valuable resource,” Senator Klein 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).
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.
“Working families need be able to keep more of their hard-earned money. The refund you get from the EITC can mean the difference between a good night’s sleep and a night spent worrying about how to pay the bills.”
3713 E. Tremont Avenue, or calling Senator Klein’s office at 718-822-2049.