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Gioia says NYC residents losing money on unclaimed tax credit
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New York City Council Member Eric Gioia, a Democratic candidate for Public advocate said yesterday that city residents are losing $500 million in unclaimed cash because they don't take advantage of the earned income tax credit.
According to Gioia, about 250,000 New Yorkers qualify. He is launching a city-wide effort to get people to claim their money.
"I want New Yorkers to know if you made under $43,000 last year and you have kids, you could qualify for thousands of dollars back," Gioia said.
The tax credit was also the subject of Mayor Michael R. Bloomberg's weekly radio address.
“It’s tax season – and for hundreds of thousands of New Yorkers, that means that it’s time to reclaim money that you’ve already worked hard for: Your Earned Income Tax Credits," said the mayor. "If your income is below a certain level, EITCs are refunds of taxes that you already paid throughout 2008. For example, families with incomes of less than $42,000 a year can be eligible for as much as $6,500 in combined Federal, State, and City EITCs."
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