Maloney: tax provisions in year-end spending package will help New York families
WASHINGTON -- Congresswoman Carolyn B. Maloney (D-NY) is hailing several provisions of the omnibus spending package that will reduce the tax burden faced by middle-income and working New York families. The packaged signed into law by President Obama earlier this week allows commuters to pay for public transit cost with pre-tax dollars, permanently extends the Child Tax Credit, maintains the Earned Income Tax Credit for families with 3 or more children, extends the American Opportunity tax credit to assist with college costs, and permanently extends the IRA Charitable Rollover and other tax provisions important to New York's nonprofit sector.
"Middle-income and working families in New York continue to face challenges in our economy, and that's why I made it a top priority to extend and improve several provisions of the tax code that will help with that burden," said Congresswoman Carolyn B. Maloney. "Commuters will be able to pay for public transit with pretax dollars, the child tax credit and Earned Income Tax Credit were extended, and a provision to help with the cost of college was extended as well. These are important victories for New Yorkers who could really use the support. I'm proud we were able to get it done by the end of the year."
Maloney highlighted several key provisions in the year-end spending package signed into law by President Obama this week:
- Brings parity to public transit commuters by allowing them to use the same amount of pre-tax dollars to pay for commuting costs as those who drive and pay for parking.
- Permanently extends the expanded Child Tax Credit for low-income families.
- Keeps in place the expanded Earned Income Tax Credit for families with 3 or more children.
- Permanently extends the American Opportunity Tax Credit that provides $2,000 a year for college.
- Permanently extends important charitable provisions like the IRA Charitable Rollover that helps support New York’s important nonprofit sector.