Senator urges New York taxpayers to take advantage of tax credits
WASHINGTON, D.C. – Approximately 210,000 Southern Tier residents are eligible for the Making Work Pay Tax Credit, as part of the American Recovery and Reinvestments Act (ARRA), which cut taxes for nearly 93 percent of New Yorkers, according to U.S. Senator Kirsten Gillibrand.
“New Yorkers pay some of the highest taxes in the nation,” said Gillibrand during a recent conference call. “After nearly a decade of tax giveaways to big corporations and the wealthiest Americans at the expense of small businesses and everyday New Yorkers, middle class families deserve a break of our own.”
According to Gillibrand, the $400 Making Work Pay Tax Credit was automatically included for the majority of workers targeted, ensuring that the tax cut was received immediately, but added that those who did not benefit from a deduction in their withholding, or have lost their job prior to receiving the full value of the credit, should be sure to claim it on their returns.
Other ARRA legislation aimed at easing the tax burden on middle class families in New York included the First Time Homebuyer Tax Credit, which has been extended into 2010, and expanded to include more buyers.
“New Yorkers who bought a home and have not lived in a residence they owned for the past three years are eligible for this $8,000 credit, which will also be available this year through the end of April,” stated Gillibrand, who added that “existing homeowners are now eligible for a tax credit of $6,500.”
Gillibrand reported that residents who purchased a new car in 2009, including through the Cash for Clunkers program, are capable of deducting the local, and state, sales tax on said purchases, depending on their income. Individuals must collect less than $135,000, while families must bring in less than $260,000.
To keep the dream of higher education attainable for New York students, the ARRA included the American College Opportunity Tax Credit, which allows families to claim a credit for the cost of a student’s college tuition and required course materials, according to Gillibrand.
“The credit is capped at $2,500 per student for four years or $10,000 total,” said the senator. “The full credit is available to individuals whose gross income is $80,000 or less, or $160,000 or less for married couples filing a joint return. The credit is phased out for taxpayers with incomes above those levels.”
Gillibrand reminded New Yorkers that these tax deductions are procurable for middle class workers as they file their 2009 returns, and that “IRS assistance centers in every corner of New York are ready to help New Yorkers maximize their federal returns.”
“From easing the burden of property taxes to helping families afford child care, purchase a new home, or send our children to college, I fought hard over the last year to help make life more affordable for New York’s hardworking middle class families,” said the senator.
For more information, or to get help filing, call 1-800-829-1040 for individuals and 1-800-829-4933 for businesses.
“New Yorkers pay some of the highest taxes in the nation,” said Gillibrand during a recent conference call. “After nearly a decade of tax giveaways to big corporations and the wealthiest Americans at the expense of small businesses and everyday New Yorkers, middle class families deserve a break of our own.”
According to Gillibrand, the $400 Making Work Pay Tax Credit was automatically included for the majority of workers targeted, ensuring that the tax cut was received immediately, but added that those who did not benefit from a deduction in their withholding, or have lost their job prior to receiving the full value of the credit, should be sure to claim it on their returns.
Other ARRA legislation aimed at easing the tax burden on middle class families in New York included the First Time Homebuyer Tax Credit, which has been extended into 2010, and expanded to include more buyers.
“New Yorkers who bought a home and have not lived in a residence they owned for the past three years are eligible for this $8,000 credit, which will also be available this year through the end of April,” stated Gillibrand, who added that “existing homeowners are now eligible for a tax credit of $6,500.”
Gillibrand reported that residents who purchased a new car in 2009, including through the Cash for Clunkers program, are capable of deducting the local, and state, sales tax on said purchases, depending on their income. Individuals must collect less than $135,000, while families must bring in less than $260,000.
To keep the dream of higher education attainable for New York students, the ARRA included the American College Opportunity Tax Credit, which allows families to claim a credit for the cost of a student’s college tuition and required course materials, according to Gillibrand.
“The credit is capped at $2,500 per student for four years or $10,000 total,” said the senator. “The full credit is available to individuals whose gross income is $80,000 or less, or $160,000 or less for married couples filing a joint return. The credit is phased out for taxpayers with incomes above those levels.”
Gillibrand reminded New Yorkers that these tax deductions are procurable for middle class workers as they file their 2009 returns, and that “IRS assistance centers in every corner of New York are ready to help New Yorkers maximize their federal returns.”
“From easing the burden of property taxes to helping families afford child care, purchase a new home, or send our children to college, I fought hard over the last year to help make life more affordable for New York’s hardworking middle class families,” said the senator.
For more information, or to get help filing, call 1-800-829-1040 for individuals and 1-800-829-4933 for businesses.
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