Mayor Eric Adams at his weekly press briefing on July 23, 2024.
NYC Mayoral Photography Unit
Mayor Eric Adams touted the success of New York City’s enhanced Earned Income Tax Credit (EITC) on Monday while helping to cut the ribbon for a new federal credit union branch in Queens.
The Urban Upbound Federal Credit Union branch, now open on 31-35B Steinway St. in Astoria, provides “affordable” financial services for New Yorkers, including access to capital, asset-building vehicles and an array of full banking services.
At the event, Adams discussed the EITC, charging that the program in its inaugural year had pumped an additional $280 million into low-income communities.
“We’re working every day to improve the lives of New Yorkers, and since day one, that’s what this administration has been about,” the mayor said. “And it is what EITC is all about, putting money back into the pockets of working people.”
The EITC was expanded for the first time in nearly 20 years in 2022 after Adams went to Albany to advocate for that expansion. This year, more than 746,000 New Yorkers filing their 2023 tax returns received more money due to the credit enhancement, Adams said.
The filers received this help by applying for the EITC at the city’s free tax prep locations.
“In New York City, working people should get a fair shot and their fair share. That is why we are building a city that works for all New Yorkers,” the mayor said. “Two years ago, we successfully advocated for Albany to expand the Earned Income Tax Credit for the first time in 20 years, and because of our efforts, last year, we put $345 million back into the pockets of working-class New Yorkers, a 432% increase from the tax season before that.”
The average amount of money received by a filer who qualifies for the NYC EITC increased from $107 in tax season 2022 to $462 in tax season 2023 — an increase of $355 or 332%. The overall amount of money received due…
Read the full article here
