Press Release:
Press Release
News Article February 2005
BROOKLYN, N.Y., Feb. 7 /PRNewswire-FirstCall/ -- U.S. Senator Charles Schumer and Federal, City and State Banking and Consumer officials today joined leaders from Independence Community Bank, FoodChange (formerly Community Food Resource Center) and the Independence Community Foundation to mark the official opening of a free tax assistance center in Downtown Brooklyn. The center will help bring millions of dollars of tax credits to working families in Brooklyn this year and boost the economy of Brooklyn and New York City.
Located at 195 Montague Street, between Court and Clinton Streets, the center is part of a city-wide initiative to inform and assist low- and moderate-income taxpayers in filing for the Earned Income Tax Credit (EITC), a program of Federal, State and City tax credits. Last year the Brooklyn site, hosted by Independence Community Bank, prepared nearly 4,000 tax returns for Brooklyn families, bringing some $8 million in refunds. In the first few weeks of operation this year, nearly 1,000 tax returns have been filed, netting Brooklynites almost $2 million in refunds through this Montague Street center.
Senator Charles Schumer, who is a member of the U.S. Senate Banking Committee and Chairman of the Economic Policy Subcommittee, said, "It is a shame that there are nearly 250,000 eligible hardworking families in New York City that are owed money back but have never applied for the Earned Income Tax Credit. The bottom line is, if you work hard and play by the rules, you deserve to get something back. Working together, Independence Community Bank and FoodChange are making that happen for the thousands who will visit their free tax preparation center here in Brooklyn."
"The Earned Income Tax Credit program helps put real dollars into the pockets of working families and it boosts the local economy," said Alan H. Fishman, President & CEO of Independence Community Bank. "We are proud to host this free Brooklyn tax assistance site and be part of the citywide coalition to make the public aware of this important economic resource for New York City."
LEADING BANKING, CONSUMER, COMMUNITY LEADERS: Among others at today's ceremony at the Independence Community Bank branch at 195 Montague Street were: NY State Banking Superintendent Diana L. Taylor; FDIC Regional Director Christopher Spoth; Borough President Marty Markowitz; and Richard Murphy of FoodChange, which manages the Downtown Brooklyn center and 11 other Money Central tax preparations sites throughout the city. Also present were officials from the U.S. Internal Revenue Service, and New York City Department of Consumer Affairs, and Independence Community Foundation.
Diana L. Taylor, New York State Banking Superintendent, said: "By providing assistance to ensure that hardworking families receive their Earned Income Tax Credit, Independence Community Bank stands true to its commitment to improve the quality of life of its neighbors. The EITC is vital to low- income taxpayers in their efforts to provide for themselves and their families. Through its commitment to tax credit outreach and free tax preparation services, Independence is a leader among the thousands of organizations across the country that are doing great work in helping millions of families get their EITC."
"Come to the free tax prep center at Independence Community Bank on Montague Street to get what you have earned. Brooklyn -- this is your money!" said Borough President Marty Markowitz. "Very often low- and moderate-income families don't take advantage of financial breaks in the tax code. In fact, many people who are eligible for the Earned Income Tax Credit never claim it. Missing out on the EITC can mean less money for the basics -- food, clothing and transportation. Depending on your income and the size of your family, you may be entitled to thousands of dollars. Last year, this program helped hardworking Brooklyn families receive over $8 million dollars in refunds -- I'm confident that this year the center will help even more Brooklynites get their fair share."
"With each year of the EITC campaign we see more partners getting involved, greater support from government officials and new programs that are designed to support a healthy financial future for low-income New Yorkers," said Richard Murphy, Executive Director of FoodChange (formerly Community Food Resource Center). "Most importantly, the number of people taking advantage of Money Central free tax services is growing aggressively -- last year the Downtown Brooklyn site alone, hosted by Independence Community Bank, brought $8 million in refunds -- and in the three years, the number of New Yorkers that have enjoyed free quality tax preparation has increased 100 times over."
FoodChange's EITC and Free Tax Assistance Campaign is supported in part by a grant from Independence Community Foundation, which has worked closely with the organization to build its city-wide network. Marilyn Gelber, Executive Director of the Independence Community Foundation, said: "Independence Community Foundation is thrilled to be part of this creative partnership of government, philanthropy and the private sector. There are many ways to empower communities, but few of them are as effective as this EITC initiative."
PART OF CITYWIDE COALITION TO INCREASE AWARENESS: Independence and FoodChange are members of the city-wide coalition of corporations, government agencies and community organizations that are working to increase public awareness of the EITC program and assist taxpayers in filing for the credits. The IRS, which certifies the volunteer tax preparation experts through its Voluntary Income Tax Assistance (VITA) program, said that some $500 million in New York EITC credits went unclaimed in New York City in 2002.
"New York City runs the best and biggest EITC campaign in the country, and it is made stronger through the efforts of key partners like Independence Community Bank and FoodChange," said Department of Consumer Affairs Commissioner Gretchen Dykstra. "The DCA and Independence have two related projects-"Bank on New York," to encourage people to open bank accounts, and this EITC campaign, which helps Brooklynites claim the money they deserve. We anticipate our coalition partners will file more than 30,000 tax returns for New Yorkers earning less than $40,000 this year. And, this year we have set lofty goals with a pilot program linking unions with commercial tax preparers for discount services; we're distributing three million brochures in eleven languages; we're helping New Yorkers reach the free tax site nearest them through 311; and we are encouraging filers to open basic bank accounts instead of high-interest refund loans."
EITC BENEFITS AVAILABLE TO THOSE EARNING LESS THAN $40M: The EITC returns Federal, State and City dollars to filers either through tax credits or as cash refunds to working families. Full-time and part-time workers, including self-employed workers, who are legally authorized to work in the U.S., are eligible for the tax credit. Families with more than one child earning less than $40,000 annually could receive up to $5,526; families with one child could receive up to $3,515; and couples without children, ages 25-64, making less than $12,230 annually could receive up to $518. Last year, the average combined EITC credit for New York City was $2,354.
"Independence Community Bank has stepped up to the charge in a big way", said FDIC Regional Director Christopher Spoth. "For the past several years, the Federal Deposit Insurance Corporation (FDIC) and the Internal Revenue Service (IRS) have worked in partnership to promote banking relationships and financial education for consumers eligible for the EITC Program through the IRS VITA sites located throughout the country." He continued, "ICB, which has established and maintained a very active VITA site at one of its branches in downtown Brooklyn for the third tax season in a row, has trained many of its staff to teach financial education using the FDIC's Money Smart financial education program. This year, ICB has also developed a CD product with a lower minimum deposit to attract EITC filers, and is piloting other efforts to encourage more EITC filers to save a portion of their EITC refund. All of these efforts are commendable, and we thank Independence Community Bank's CEO Alan Fishman for his continued leadership."
Michael J. McCormick, Internal Revenue Service New York Territory Manager, said: "The tax law changes over the past several years make the EITC available to individuals who were not previously eligible. The efforts of New York City and participating community organizations supply important information to lower income taxpayers about this valuable benefit. The free tax preparation assistance provided by FoodChange, supported by Independence Community Bank, ensures that the EITC is accurately claimed in compliance with the tax law."
THIRD YEAR FOR THIS INDEPENDENCE SITE: This is the third year that Independence has teamed up with FoodChange and the IRS VITA program of the Internal Revenue Service to provide this free service. The Brooklyn site was one of the three most active EITC locations in the nation last year. In addition to space and technical services, the Bank provides marketing and advertising support as well as free financial literacy workshops for clients. The Bank is also making no-fee savings accounts and CDs available so tax filers may receive their refunds quickly by direct deposit.
In addition to this Downtown Brooklyn EITC center, Independence is also host for a Staten Island Money Central tax preparation site at its SI Bank & Trust Branch at 15 Hyatt Street in St. George. Independence is also an active sponsor of State and Federal EITC projects in New Jersey. This includes a full-time EITC site at the Independence branch at 133 Jackson Street in Newark, managed by the Ironbound Community Corporation in association with the Newark Asset Building Coalition. Other New Jersey EITC projects are located at Hudson County Community College in Jersey City and the Secaucus Public Library in Secaucus.
FoodChange runs 12 Money Central tax sites throughout all five boroughs of New York City with the help of community-based and for-profit partners, and the support of the IRS, foundations, the Mayor's Office, the City Council, the Department of Consumer Affairs and various elected officials. Now in its fourth year, last year's city-wide campaign yielded more than $45 million in refunds for New Yorkers and generated 25,000 free returns. Clients can also obtain other vital services at the sites like Food Stamp pre-screening and health insurance access.
COMMUNITY PARTNERS GUIDE PEOPLE TO MONTAGUE ST. CENTER: Among others who were present for the February 7th event at Montague Street were leaders of five Brooklyn non-profit groups who are working with FoodChange to connect people in their communities with the free tax assistance center supported by Independence. They include Bedford Stuyvesant Restoration Corp., Church Ave. Merchant's Block Assn. (CAMBA), Fifth Avenue Committee, Faith Center for Community Development, and Make the Road by Walking.
"Our organization strives to improve the quality of life for residents of the Bedford Stuyvesant area of Brooklyn," said Colvin Grannum, President of Bedford Stuyvesant Restoration Corporation. "By spreading the word about this free service, and working with FoodChange as a Money Central tax site partner, we play an exciting, active role in bringing about a concrete benefit to our community members."
"As a pre-screening partner for FoodChange, we have been actively reaching out to people in our community that can benefit from this service," said Joanne Opustil, Executive Director of Church Avenue Merchant's Block Association (CAMBA). "It is extremely rewarding to be able to educate people about the Earned Income Tax Credit, help them obtain free quality tax assistance and receive thousands of dollars."
"The EITC and Free Tax Assistance Campaign brings a significant financial boost into our community," said Michelle de la Uz, Executive Director of the Fifth Avenue Committee. "Literally millions of dollars go into the pockets of Brooklyn residents and area businesses, helping to support our local economy."
Rev. Dr. Fred Lucas, President & CEO of the Faith Center for Community Development, said, "Working with Independence and FoodChange not only brings much needed money to low-income New Yorkers but begins to lay the foundation for a more promising financial future. Together we are helping New Yorkers to obtain money that they are entitled to, opening bank accounts and promoting financial literacy for a sustainable future."
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