New York City Tax Credits

New York City Tax Credits

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There are a number of New York City tax credits available:

1: New York City Child and Dependent Care Credit

The Child and Dependent Care credit.  This is offered to full-year and part-time residents who paid child-care expenses for at least one child who is under 4 years old at the end of the calendar year.  The taxpayer’s federal adjusted gross income must be less than $30,000.  The credit can be as much as 75 percent of the New York state credit.

2: New York City Earned Income Credit

The Earned Income Credit, open to full-year and part-year residents who claimed the Federal Earned Income Credit.  The city credit can be as much as 5 percent of the allowable federal credit.

3: New York City Household Credit

The Household Credit is a nonrefundable credit is available to full-year and part-year residents who are not dependents on another taxpayer’s federal return and, if single, have a federal adjusted gross income of less than $15,500  and, if not single,  less than $22,500.  For single taxpayers the credit is for up to $15, and otherwise ranges from $10 to $30, plus $10 to $30 more for each exemption claim on the federal return.

4: New York City School Tax Credit

The School Tax Credit is a refundable credit is offered to full and part year residents who cannot be claimed as a dependent on another taxpayer’s federal return.  For married persons filing jointly or qualifying widows and widowers with a dependent child the credit is up to $125.  For all others the credit is up to $62.50.

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