Assemblyman Michael A. Montesano (R,I,C-Glen Head) is highlighting the Internal Revenue Service’s annual Earned Income Tax Credit Day (EITC). The Earned Income Tax Credit is a refundable credit for individuals who work but do not earn high incomes. It helps eligible taxpayers lower their taxes or receive refunds. Assemblyman Montesano is pleased to lend his voice to this important tax-reduction-awareness campaign.
“EITC Awareness Day is a great opportunity for constituents to look at this important program and its availability to lower their taxes or receive refunds,” said Montesano. “The Empire State has a heavy tax burden and this program works to alleviate some of the burden on workers, to supplement wages and provide a real incentive for working. EITC Awareness Day can help Long Islanders save money when filing taxes and even make them eligible for free tax-preparation websites which assist taxpayers in claiming it. I encourage constituents to check their eligibility for this program and become involved on January 27.”
To be eligible for the federal and New York State EITC you must:
- Have worked full or part time at some point during the calendar year;
- Be a single or married person raising “qualified” children at home;
- Have income below *$36,052 (or $41,132 if married) for families with one child;
- Have income below *$40,964 (or $46,044 if married) for families with two children;
- Have income below *$43,998 (or $49,078 if married) for families 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) for families with no children.
*These figures are based on tax year 2011 levels and change annually.
New York State and New York City also have local versions of the EITC. Despite extensive awareness campaigns by the IRS and its partners, millions of taxpayers still do not claim their tax credit. For more information on this program, constituents may go online to http://otda.ny.gov/programs/tax-credits/ or
< a href="http://www.irs.gov/individuals/article/0,,id=96406,00.html" onclick="return externalClick();">http://www.irs.gov/individuals/article/0,,id=96406,00.html.