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What is it? New York City offers a tax credit for low-income working families. The New York City Earned Income Credit (CNY EIC) is a way for people who work but don't earn a high income to pay less federal tax or no tax. If you qualify for the Federal EITC and live in New York City, you also qualify for the city tax credit. The CNY EIC is worth 5% of the Federal EITC. What do I get? You can receive cash back from the government as part of your yearly tax return. The CNY EIC is fully refundable, which means that you can get more money back from New York City than you actually paid in city taxes throughout the year. For example, let's say you have two qualifying children and are eligible for the full credit ($227). Even if you paid less than $227 in New York City taxes throughout the year, you can still get the $227 refunded to you. In 2006, if you qualify for the Federal EITC and have at least two qualifying children, you can get up to $227 back from the city. If you qualify for the Federal EITC and have one qualifying child, you can get a maximum amount of $137 in refunds. If you qualify for the Federal EITC and have no qualifying children, you can get up to a $21 tax credit. Every year, the maximum credit available for each family size will go up slightly. |
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