Expanded Earned Income Tax Credit Boosts Financial Aid for NYC Families
New Urban Upbound Credit Union Branch Opens to Enhance Financial Support
According to NYC, New York City is celebrating a big increase in financial help thanks to Mayor Eric Adams‘ expansion of the (EITC). This is the first update in nearly 20 years and has greatly improved benefits for low-income families. In the 2023 tax season over 746,000 New Yorkers received $345 million in EITC payments which is 432 percent more than the year before. The additional $280 million is helping people pay for essential things like food, rent, and utilities.
Alongside the EITC expansion Mayor Adams recently opened a new Urban Upbound Federal Credit Union branch in Astoria, Queens. This new branch is part of a larger plan to boost financial support throughout the city. The credit union will provide affordable financial services including access to capital and resources to build assets. It will work alongside existing programs such as NYC Free Tax Prep, which helps residents file taxes for free. The credit union’s opening is a key part of the city’s efforts to improve financial stability and support for its residents.
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$345 Million in EITC Payments: Mayor Eric Adams’ Expansion of Tax Credit Boosts Financial Support for Low-Income Families in New York City! (PHOTO: NYC.gov)
Mayor Adams’ Initiatives Enhance Economic Support and Financial Security for NYC Families
The expansion of the EITC and the new credit union show Mayor Adams’ commitment to improving economic conditions for working-class New Yorkers. Since he took office, the city’s Free Tax Prep program has saved residents nearly $24 million in tax preparation fees and helped them access valuable tax credits. The EITC expansion has led to significant increases in benefits for eligible families. For example, single parents and married couples have seen substantial rises in their credit amounts. These efforts, along with the new credit union, aim to strengthen financial security and support those who need it most in the city.
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