Climate and Community Investment Act would grant $ 1,000 tax credit to low-income and modest-income New Yorkers

ALBANY, NY, May 3, 2021 / PRNewswire / – New Climate and Community Investment Bill (S4264-A / A6967) would offer hundreds of dollars in direct and immediate energy rebates to low- and middle-income New Yorkers, say supporters. The invoice, which would generate $ 10–$ 15 billion in annual income, requires one-third of funds to be returned directly to low- and middle-income New Yorkers in the form of tax cuts, LIHEAP credits, or transit vouchers.

Economic modeling shows middle- and low-income New Yorkers outside New York would receive an annual rebate of $ 1,156. New York residents – who typically spend less on gasoline and household energy – would receive discounts of $ 722 per year. The household income threshold would be 60% of the median income, currently calculated at $ 74,800 in New York City and 77 $ 7,000 outside the city.

All New Yorkers who file taxes or receive public benefits, including citizens and non-citizens, would automatically receive the stimulus funds. Any New Yorker who does not file taxes, but still qualifies based on their income, will be able to complete a simple online form to receive their funds.

Discounts will be available in the form of direct cash payments, tax credits, utility assistance, or transit vouchers. The latter two methods do not constitute income for the purposes of means-tested government assistance programs and therefore would not affect a person’s ability to receive federal government benefits such as SNAP. The form of reimbursement a person receives will automatically be determined whether or not they receive other means-tested services, but anyone can change the form of their reimbursement at any time.

The energy rebate program is just one of many ways this landmark bill would redirect the profits and revenues of the fossil fuel industry (billions of which now leave our state every year) to the New York State communities and families.

“Despite the lies of the fossil fuel industry, the CCIA aims to put real money back into our pockets and into our communities. Instead of letting fossil fuel profits leave the state and fatten the portfolios of shareholders and executives, that money will stay right here in new York: building renewable energy, creating good jobs, stimulating economic development in environmental justice communities, and yes – as out-of-pocket payments for low- and moderate-income New Yorkers, ” Rahwa ghirmatzion, Executive Director of PUSH Buffalo and member of the NY Renews Steering Committee.

Contact: Arielle Swernoff | [email protected]

SOURCE NY renews