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Tonko Urges Eligible Taxpayers to Take Advantage of EITC Tax Benefits

Earned Income Tax Credit supports working families, strengthens local economy

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CAPITAL REGION, January 29, 2016 | Sean Magers (202-225-5076) | comments
CAPITAL REGION – On the 10th annual Earned Income Tax Credit (EITC) Awareness Day, Congressman Paul Tonko (NY-20) urged taxpayers to check their eligibility to take advantage of the EITC. In New York’s 20th Congressional District, almost 50,000 individuals saved more than $105 million using the credit in tax year 2013. Taxpayers can check their EITC eligibility with the IRS’s EITC Assistant.
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On the 10th annual Earned Income Tax Credit (EITC) Awareness Day, Congressman Paul Tonko (NY-20) urged taxpayers to check their eligibility to take advantage of the EITC. In New York’s 20th Congressional District, almost 50,000 individuals saved more than $105 million using the credit in tax year 2013. Taxpayers can check their EITC eligibility with the IRS’s EITC Assistant.

“The EITC helps working families reduce their tax bill and keep more of the money they’ve earned. Whether eligible taxpayers use the credit to buy school supplies, put food on the table or save toward a car or college tuition, the EITC boosts our local economy, bringing more than $100 million to Capital Region small businesses, and I urge all taxpayers to check their eligibility for this and other recent tax credits Congress recently extended,” said Tonko.

Nationwide, 27.5 million people received $66.7 billion in tax year 2014 through the EITC. In addition to the EITC, other refundable tax credits, including the Premium Tax Credit (PTC), Child Tax Credit (CTC), and the American Opportunity Tax Credit (AOTC), are available for eligible taxpayers to take advantage of.

In four decades, the EITC has become one of the nation’s most effective tools for lifting low-income workers and their families above the poverty line. In 2013 alone the tax credit was estimated to have moved 6.2 million people, including 3.1 million children, out of poverty.

26 states and the District of Columbia structure their own EITCs to mirror the federal credit. Nationally, New York State offers the fifth most generous State EITC, representing a 30% share of the federal credit.

Free tax preparation assistance is available throughout the tax season. For tax help visit “Free Tax Return Preparation for You by Volunteers” found on IRS.gov or call local community information numbers (211 or 311). Some taxpayers may choose to electronically file at the IRS.gov site ‘free file’: http://www.irs.gov/uac/Free-File:-Do-Your-Federal-Taxes-for-Free.

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