July 29, 2004Remarks by Mayor Bloomberg at a Public Hearing on Local Law
"The second bill before me today is Introductory number 402, sponsored by Speaker Miller, along with Council Members Weprin, Martinez, Nelson, Clarke, Gennaro, Katz, Seabrook, Sears and Stewart. Intro. 402 would provide for an Earned Income Tax Credit (EITC) for City residents.
"This credit will be equal to 5% of the Federal Earned Income Tax Credit. It applies to approximately 700,000 households with incomes under $34,692. These hard working New Yorkers will receive up to $215 as a result of this credit. 75% of the beneficiaries will be from households that earn less than $20,000 per year.
"I have always advocated that eligible New Yorkers apply for the State and Federal EITC; I am proud that the City will soon offer this valuable tool in fighting poverty. It is especially helpful to families making the transition from welfare to work. Studies show that families use this credit for some of their most vital needs. Whether it is used to pay rent and utilities or used to pay for college tuition or job training, the earned income tax credit has helped lift people out of poverty.
"As with the property tax rebate, this local law requires legislative approval from Albany before it can be implemented. By signing this bill today, we ensure that, when Albany does act, the credit will still be available for this tax year.