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| What is it? New York State also offers a tax credit for low-income working families. If you qualify for the Federal EITC and live in NY State, you also qualify for the NY State EIC. The New York State EIC is worth 30% of the Federal EITC. What do I get? If you qualify for the Federal EITC and have two qualifying children, the maximum amount you can get from the state EIC for 2009 is 30% of your Federal earned income credit. If you qualify for the federal EITC and have one qualifying child, the maximum amount you can get from the state EIC is $912. If you qualify for the Federal EIC and have no qualifying children, the maximum amount you can get from the state EIC is $137 for 2009. Like the Federal EITC, the NY State EIC is fully refundable, which means that you can get back more money from NY State than you actually paid in state taxes throughout the year. For example, let's say you have one qualifying child and are eligible for the maximum credit ($912). Even if you paid less than $9120 to NY State throughout the year, you can still get the full $912 refunded to you. |
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