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More Low-Income New Yorkers Are Saving Tax Refunds, Officials Say

Monday, January 30, 2012 - 05:25 PM

By Brian Zumhagen

  • hand, wallet and lots of money Enlarge

    (newtonfreelibrary/flickr)

  • Join the Discussion [6]

Low-income New Yorkers built up $250,000 in savings last year by putting their tax refunds in the bank as part of an incentive program, officials said Monday.

City officials on touted what they say is the success of the Save USA program during a press conference at a Corona, Queens, church on Monday. The program gives participants a 50 percent match if they put at least $200 in a savings account for a year.

"I don't think we can find that anywhere else out there," said Raymond Garcia, from Elmhurst, Queens, who participated last year.

Officials also announced the 10th annual Tax Credit Campaign, which offers free tax assistance, and helps New Yorkers take advantage of the Earned Income Tax Credit and other breaks. Garcia' says he's been participating in that program for four years.

Officials say the program has helped New Yorkers claim almost $20 billion in federal, state and city refunds.

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  • News Staff: Brian Zumhagen (Cropped)

    Brian Zumhagen

    Brian Zumhagen has been a weekend anchor at WNYC since 2003. His career in journalism started in 1993, with an internship in the press office of the German Green Party’s parliamentary delegation. Brian went on to spend the rest of the ‘90s working as a reporter, producer, and fill-in anchor at NPR member station KQED in San Francisco. He’s returned to Germany several times over the years for reporting projects. Most recently, he won a grant from the Arthur F. Burns Fellowship to produce radio features for the 20th anniversary of the fall of the Berlin Wall. Before coming to WNYC, Brian was a frequent contributor to PRI’s The World. He reported for the program on 9/11 and served as the show’s United Nations correspondent during the run-up to the Iraq war. Brian lives in Queens with his wife and children.

Comments [6]

Shahidul

Hi,
Thank you for your nice article on More Low-Income New Yorkers Are Saving Tax Refunds, Officials Say .I was searching article on tax refund. I like it.I will keep watching this blog for your future writing.keep writng this type of article.
Thanks
.............
Www.taxrefundexpert.co.uk

Feb. 05 2012 09:31 AM
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SK from NYC

For more info about SaveUSA in New York City, call 311 or go to www.nyc.gov/saveusa.

Feb. 02 2012 02:57 PM
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kim from astoria

I can't find this "Saving USA" program anywhere...
Pleae give full information so that we can participate.

Feb. 01 2012 08:18 AM
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NC

I'm sad to see that so little of the refund money was saved. Only 0.001%!

Jan. 31 2012 05:35 PM
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Ellen from Park Slope

This is a wonderful program, but I wonder how many New Yorkers will be affected if the House proposal to deny working poor families refunds on the child tax credit if they use taxpayer ID numbers instead of Social Security numbers, as undocumented immigrants do, can pass the Senate? There is a NY Times editorial about it today.

They will be denied this vital source of income. Can city officials put pressure on folks in Washington?

Jan. 31 2012 09:41 AM
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SJJ

How do we find out more on this program? Is there a website, participating banks, etc???

Jan. 31 2012 09:25 AM
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