Climate and Community Investment Act would provide $1000 tax credit to low-income and moderate-income New Yorkers
***FOR IMMEDIATE RELEASE***: May 3, 2021
Contact: Arielle Swernoff | (646) 450-5461 | arielle@nyrenews.org
Web: @NYRenews | www.nyrenews.org
Climate and Community Investment Act would provide $1000 tax credit to low-income and moderate-income New Yorkers
Albany, NY — The newly proposed Climate and Community Investment Act (S4264-A/A6967) would provide hundreds of dollars in direct and immediate energy rebates for low- and moderate-income New Yorkers, advocates say. The bill, which would generate $10-$15 billion in yearly revenue, requires that one-third of the funds be returned directly to low-and moderate income New Yorkers in the form of tax rebates, LIHEAP credits, or transit vouchers.
Economic modeling shows that middle and low-income New Yorkers outside of NYC would receive a yearly rebate of $1,156. NYC residents — who typically spend less on gasoline and home energy — would receive rebates of $722 per year. The household income cutoff would be 60% of median income, currently calculated at $74,800 in New York City and $77,7000 outside of the city.
All New Yorkers who file taxes or receive public benefits, including both citizens and non-citizens, would automatically receive the stimulus funds. Any New Yorker who does not file taxes, but still qualifies based on income, would be able to fill out a simple online form to receive their funds.
Rebates will be available as direct cash payments, tax credits, utility assistance, or transit vouchers. The latter two methods do not constitute income for the purpose of means-tested government assistance programs and would thus have no impact on a person’s ability to receive federal government benefits such as SNAP. The form of the rebate a person receives will be automatically determined based on whether or not they receive other means-tested services, but anyone can change the form of their rebate at any time.
The energy rebate program is just one of the many ways in which this landmark bill would redirect fossil fuel industry profits and revenue ($25 billion of which currently leave our state every year) to communities and families across New York State.
“Despite the lies of the fossil fuel industry, the CCIA is about putting real money back into our pockets and our communities. Instead of fossil fuel profits leaving the state and fattening the wallets of shareholders and executives, that money will stay right here in New York: building renewable energy, creating good jobs, spurring economic development in environmental justice communities, and yes — as direct payments for low- and moderate-income New Yorkers,” said Rahwa Ghirmatzion, Executive Director of PUSH Buffalo and member of the NY Renews Steering Committee.
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