Mayor Eric Adams touted the success of New York City’s enhanced Earned Income Tax Credit (EITC) on Monday while helping to cut the ribbon for a new federal credit union branch in Astoria.
The Urban Upbound Federal Credit Union branch, now open on 31-35B Steinway St., provides “affordable” financial services for New Yorkers, including access to capital, asset-building vehicles, and an array of full banking services.
At the event, Adams discussed the EITC, charging that the program in its inaugural year had pumped an additional $280 million into low-income communities.
“We’re working every day to improve the lives of New Yorkers, and since day one, that’s what this administration has been about,” the mayor said. “And it is what EITC is all about, putting money back into the pockets of working people.”
The EITC was expanded for the first time in nearly 20 years in 2022 after Adams went to Albany to advocate for that expansion. This year, more than 746,000 New Yorkers filing their 2023 tax returns received more money due to the credit enhancement, Adams said.
The filers received this help by applying for the EITC at the city’s free tax prep locations.
“In New York City, working people should get a fair shot and their fair share. That is why we are building a city that works for all New Yorkers,” the mayor said. “Two years ago, we successfully advocated for Albany to expand the Earned Income Tax Credit for the first time in 20 years, and because of our efforts, last year, we put $345 million back into the pockets of working-class New Yorkers, a 432% increase from the tax season before that.”
The average amount of money received by a filer who qualifies for the NYC EITC increased from $107 in tax season 2022 to $462 in tax season 2023 — an increase of $355 or 332%. The overall amount of money received due to the enhanced NYC EITC increased by 432% — from $64.8 million in tax season 2022 to $345 million in tax season 2023. (Tax seasons 2022 and 2023 covered tax years 2021 and 2022, respectively.)
Department of Consumer and Worker Protection (DCWP) Commissioner Vilda Vera Mayuga underscored the mayor’s comments and said the city’s free tax-prep services helped New Yorkers save millions of dollars during recent tax seasons.
“I am proud of the work our NYC Free Tax Prep program has done to put more money back into the pockets of New Yorkers, from saving our neighbors nearly $24 million in filing fees in tax seasons 2022 and 2023 to helping filers get millions of dollars in vital tax credits, like the enhanced NYC EITC,” the commissioner said.
Last year, the city also launched free tax-prep for self-employed filers that offers specialized services customized for gig workers, freelancers and small business owners.
Providing “vital credit services” to the community
Meanwhile, clients at the new Urban Upbound credit union branch will get access to the city’s free tax prep services, which the DCWP oversees.
“This office here is going to provide vital credit services to the community and link clients to the city’s free financial empowerment centers and NYC free tax prep services who give economic advice to low-income New Yorkers,” Adams said.
That counseling includes how to save and invest, and how to “make your money work for you instead of just working for your money,” the mayor added.
Urban Upbound is a financial-services support organization for youth and adults who live in NYC public housing and other low- and moderate-income neighborhoods. Co-founder Bishop Mitchell Taylor, who was at the ribbon-cutting event, said the branch will serve as another way to help support New Yorkers.
“I am thrilled to stand with Mayor Adams and our partners to introduce this transformative banking resource to the Astoria community,” Taylor said. “The Urban Upbound Federal Credit Union stands as a beacon of economic empowerment and self-reliance, serving as a vital cornerstone alongside tax prep and the Earned Income Tax Credit to uplift and strengthen our community.”
For more information about the new credit union in Astoria, visit urbanupbound.org.
