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 change in almost 20 years, and it has made benefits for low-income families a lot better.
During the 2023 tax season, the EITC paid out $345 million to over 746,000 New Yorkers. This is 432 percent more than the previous year. People can now pay for things like food, rent, and bills with the extra $280 million.
Alongside the EITC expansion Mayor Adams recently opened a new Urban Upbound Federal Credit Union branch in Astoria, Queens. The opening of this new office is part of a bigger plan to help people in the city get more money.
The credit union will offer low-cost financial services, such as access to cash and tools to help people build assets. It will work with other services, like NYC Free Tax Prep, that help people file their taxes for free. The opening of the credit union is a key part of the city’s plan to help its people become more financially stable.
Mayor Adams’ Initiatives Enhance Economic Support and Financial Security for NYC Families
The new credit union and the increase of the Earned Income Tax Credit show that Mayor Adams wants to help working-class New Yorkers get ahead financially. Since he took office, the city’s Free Tax Prep program has helped people get important tax credits and saved them almost $24 million in tax preparation fees.
Because the EITC was expanded, benefits for families who are qualified have gone up by a lot. For instance, the amount of cash available to single parents and married couples has grown a lot. Together, these efforts and the new credit union are meant to make people in the city safer with their money and help those who need it the most.