NY Reports Families Receive More Than $1B From Tax Credit
Tax officials say New York families have gotten more than $1 billion in 2015 from the state’s earned income tax credit.
The Department of Taxation and Finance says the refundable federal, state and New York City income tax credits are available to eligible working individuals and families.
Qualified workers who file tax returns can get back some or all of the income tax withheld during the year or receive cash back if their credits are higher than taxes owed.
They have to have incomes below certain levels.
Thresholds for workers between 25 and 65 are incomes below $14,820, or $20,330 if married, for families with no children.
The thresholds rise to $39,131, or $44,651 if married, for families with one child, and higher for those with more children.
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