FOR IMMEDIATE RELEASE
March 15, 2009
MAYOR BLOOMBERG DISCUSSES CITY’S TAX CREDIT TO HELP NEW YORKERS PAY FOR CHILD CARE AND LIFT THEMSELVES UP THE ECONOMIC LADDER IN WEEKLY RADIO ADDRESS
The following is the text of Mayor Bloomberg’s weekly radio address as prepared for delivery on 1010 WINS News Radio for Sunday, March 15, 2009
"Good Morning. This is Mayor Mike Bloomberg.
"With this year's tax deadline one month away, I want to take a moment to talk about a new tax credit that will help thousands of families in the City make ends meet. It's specifically designed to cover the costs of child care - and it's available to all families with incomes of less than $30,000 a year and children ages three or younger.
"After paying for housing, childcare is typically the biggest expense for New Yorkers with young children. And for some families, those costs are simply too great, forcing one parent - frequently a single mother - to stay at home and look after the children, often on public assistance.
"But the fact is, a fulltime job is the surest route to a strong, stable, healthy life for New Yorkers and their families - and that's especially true during these tough economic times. That's why, in 2007, we developed a child care tax credit exclusively for city residents - making us only the second city in America to do so.
"During its inaugural year, the tax credit was a resounding success. Nearly 51,000 families received the credit on their 2007 income tax returns - exceeding our original goal of 49,000 filers. In total, they received more than $30 million.
"For many of those people - especially single mothers - this money has made child care more affordable and allowed more of them to enter the workforce. At the same time, they've been able to go to work knowing that their young children are getting the attention and enriching experiences they will need to succeed when they are old enough to go to school.
"This year, we are hoping to help even more parents take these important steps. Depending on their income levels, qualifying families are in line to receive a refundable credit of up to $1,733. If they combine those dollars with Federal and State child care tax credits, they'll end up with thousands more to meet their day-to-day expenses and also save for the future.
"At the same time, thousands of low-income families are also in line to receive money they've already worked hard for by claiming their Earned Income Tax Credits, or EITCs. For example, families with incomes of less than $42,000 a year can be eligible for as much as $6,500 in combined Federal, State, and City EITCs.
"For more information about the EITC and the City's Child Care Tax Credit, New Yorkers should visit nyc.gov or call 311. While they're on the phone, operators at 311 can also direct callers to free or low-cost tax preparation sites that we've set up around the city - one more part of our multi-faceted effort to help New Yorkers weather the recession.
"And before signing off, I want to remind all public school parents that Thursday is the deadline to be nominated to the Citywide & Community Education Councils. These councils provide critical input on education policies. Visit the Department of Education's website at nyc.gov to make your nomination and get involved in this important process.
"This is Mayor Mike Bloomberg. Thanks for listening."
Stu Loeser (212) 788-2958
Listen to the radio address