The Earned Income Tax Credit

The Federal and State Earned Income Tax Credits are refundable tax benefits for working people with low or moderate incomes. To be eligible for the federal EITC, you must:

	Be a person raising children at home
	Have income below $33,241 (or $35,241 if married) with one child
	Have income below $37,783 (or $39,783 if married) with two or more children
	Be a worker aged 25 to 65 who earns less than $12,590 (or $14,590 if married) for families with no children

For more information about the Federal EITC, visit the IRS Web site at www.irs.gov. For more information about the New York State EITC, call 1 800-225-5829, or visit the New York State Department of Taxation and Finance Web site at www.tax.state.ny.us.

Say NO to refund anticipation loans

RALs, refund anticipation loans, are short-term loans offered by tax preparation services. These loans often have outrageous interest rates, and if your refund is less than expected, you are still obligated to repay the RAL in full.

The Assembly Majority introduced legislation that will help prevent taxpayers from falling victim to these loans by making sure RAL obligations are fully explained to the taxpayer and that the taxpayer knows RALs are an option, not a requirement (A.1794.A).

For additional information, visit the Internal Revenue Service Web site at www.irs.gov or the State Department of Taxation and Finance Web site at www.tax.state.ny.us.