Titus Reminds Taxpayers Of EITC
With the 2012 tax season here, Assemblywoman Michele Titus urges Queens families to be mindful of ways they can get the most out of their tax refunds. Earned Income Tax Credits (EITCs) can give families the boost they need to make ends meet by potentially offering thousands of dollars in tax refunds.
EITCs are refundable federal, state and city tax credits created to offset Social Security taxes and help lowerincome, working individuals and families keep more of what they earned. The Assembly helped create the state EITC, and as of 2002, increased the state credit to 30 percent of the allowable federal earned income credit.
EITCs are often overlooked, but the refund you may receive from it is significant. State and federal EITC refunds, as well as the New York City credit, could potentially put over $7,000 back in the pockets of qualifying families. In this tough economy, many hardworking Queens families struggle to cover day-to-day expenses – let alone have extra money to save or put aside for the future. Therefore, Titus is encouraging eligible households to claim their EITC tax credits before the April 17 deadline.
To be eligible for the federal and the New York State EITC, those interested must: have worked full or part time at some point during the past year; be a single or married person raising qualifying children at home; have income below $36,052 (or
$41,132 if married) with one child; have income below $40,964 (or
$46,044 if married) with two chil dren; have income below $43,998 (or
$49,078 if married) with three or more children; or be a worker between the ages of 25 and 65 and earn less than $13,660
(or $18,740 if married) with no children.
To be eligible for the New York City
EITC, in addition to the above requirements, you must: be a full-year or part-year resident of New York City; claim the federal Earned Income
Tax Credit; and file a New York State income tax return.
In today’s economy, expenses can add up quickly. EITC credits go a long way toward paying for daily necessities. EITCs not only help make ends meet, they also provide a boost to our economy during tax refund season because more money in the pockets of hardworking families means more money to spend locally.
Visit the IRS website at www.irs. gov to learn more about the federal Earned Income Tax Credit and eligibility. You can visit www.nyc.gov/ html/ ofe/ html/ policy_ and_ prog rams/taxcredit.shtml for information on New York City EITCs. You can also visit www.tax.ny.gov for more information on New York taxes and the state EITC, or call Titus’ office concerning this or any other community issue at 718-327-1845.