The Center for Economic Opportunity Executive Director Veronica White, Consumer Affairs Commissioner Jonathan Mintz and Food Bank for NYC President & CEO Dr. Lucy Cabrera joined the Mayor in Jackson Heights, Queens, to discuss tax programs for qualified residents.
City residents who filed the 2008 Child Care Tax Credit to date have claimed over $30 million. Each filer received a refund of $600 on average. The Child Care Tax Credit initiative was implemented in 2008 to aid low-income families with childcare costs while enabling parents to maintain full-time jobs. According to the program’s specifications, city residents who earn $30,000 or less and pay childcare for children up to the age three may qualify for this tax credit. The program was created as part of the anti-poverty campaign run by the Center for Economic Opportunity that was established by Mayor Bloomberg.
“Our Child Care Tax Credit is a successful program that is part of our larger anti-poverty strategy,” stated Mayor Bloomberg. “Coupled with the Earned Income Tax Credit, the refund can be significant and help move hard-working New Yorkers up the economic ladder. Particularly during these tough economic times, all eligible families should be sure to apply so they can receive the money they deserve,” he continued.
“This credit helps relieve some of the pressure on low-income families. The Center for Economic Opportunity has become a national leader in developing innovative poverty-fighting programs and we are thrilled that so many New Yorkers received the credit last year, and hope that many more will apply this year,” added Veronica White.
The city has also expanded low-cost tax preparation services for qualified residents. The Tax Prep Plus program, which offers professionally prepared tax returns for $20, increased to 12 sites that are run by the city in collaboration with Food Bank for New York City, Project Hospitality, Arriva and Bedford Stuyvesant Restoration. Families with incomes below $55,000 and individuals with incomes below $30,000 qualify for this program.
Free income tax preparation is available at 54 Volunteer Income Tax Assistance (VITA) sites to individuals with income below $20,000, or taxpayers with dependents with income below $45,000. VITA sites assisted over 82,000 New York residents in 2007 with obtaining an Earned Income Tax Credit refund, with $2,600 received on average.
“The Child Care Tax Credit and the Earned Income Tax Credit programs are bright spots in this dark economy,” stated Food Bank for New York City President & CEO Dr. Lucy Cabrera. “By providing much-needed cash to those individuals and families who are working hard and still struggling to make ends meet, the stimulus effect is immediate and local,” she added.
