Congressman Gregory W. Meeks Highlights Tax Cuts for New York Staters, American Families and Businesses on Tax Day

(WASHINGTON, DC)– Congressman Gregory W. Meeks (NY-6), Senior Member of the House Committee on Financial Services and Chairman of its Subcommittee on International Monetary Policy and Trade, announced more than $800 billion in tax cuts for working families and small businesses across this country that this Congress has passed since last year. These $800 billion in tax cuts include the Recovery Act, the largest health care tax cut in history, creating tax incentives for Americans who are unemployed, and tax credits and accelerated write offs for small businesses.

“We have experienced the worst economic crisis since the Great Depression and many Americans have had to endure extreme financial hardships that have made it difficult to make ends meet. Congress has worked with President Obama to give hard working Americans one of the largest tax cuts in history through the Recovery Act that has saved and created more than two million jobs in the first year of being implemented,” stated Congressman Meeks.

Taxpayers in the Sixth Congressional district and across the country can claim a variety of benefits on their 2009 tax returns, including:

• The Making Work Pay tax credit – Ninety-five percent of working families are already receiving the Recovery Act’s Making Work Pay tax credit of $400 for an individual or $800 for married couples filing jointly in their 2009 paychecks – and will continue to see these benefits in 2010. In the Sixth Congressional district, 227,000 families are benefiting from the Making Work Pay tax credit.

• Tax credits for college expenses – Families and students are eligible for up to $2,500 in tax savings under the American Opportunity Credit as well as enhanced benefits under 529 college savings plans, which helps families and students pay for college expenses. More than four million additional students will be able to attend college thanks to this tax credit.

• The First Time Homebuyers tax credit – First time homebuyers can get a credit of up to $8,000 for homes purchased by April 30, 2010 under the First Time Homebuyer tax credit. In New York State, 58,787 households have already taken advantage of the First Time Homebuyers tax credit.

• Tax credits for energy efficient renovations – Taxpayers are eligible for up to $1,500 in tax credits for making energy-efficient improvements to their homes, such as adding insulation and installing energy efficient windows.

• The vehicle sales tax deduction – Taxpayers can deduct the state and local sales taxes they paid for new vehicles purchased from Feb. 17, 2009 through Dec. 31, 2009 under the vehicle sales tax deduction.

• Expanded family tax credits – Moderate income families with children may be eligible for an increase in the Earned Income Tax Credit and the additional Child Tax Credit.

• Tax-free unemployment benefits – Thanks to the Recovery Act, individuals who received unemployment insurance in 2009 do not have to pay taxes on the first $2,400 of such earnings.

To find out what tax cuts you may qualify for, check the White House online tax calculator by clicking here.

Now serving in his sixth full-term, Meeks was elected to the House on February 3, 1998. Representing New York's Sixth Congressional District in the United States House of Representatives, Meeks' district covers all towns of Southeast Queens, Far Rockaway and Howard Beach. He is a member of the House Committee on Financial Services and the Committee on Foreign Affairs. Congressman Meeks is the Chairman of the International Monetary Policy & Trade Subcommittee of the House Financial Services Committee. He is a Member of the Congressional Black Caucus (CBC), New Democrats Coalition and the Democratic Leadership Council (DLC). He serves as the Co-chair of the Malaysia Caucus, Services Caucus, Dialogue Caucus, OAS Caucus and the Middle East Economic Partnership Caucus.