As Long Islanders adapt to new tax code changes, Sperry Associates Federal Credit Union (Sperry), one of the region’s oldest member-owned financial institutions, is launching a new Taxpayer Assistance Program to help those who unexpectedly owe money on their 2018 taxes.
The program, which offers responsive lending options to those who were expecting a tax refund, was launched by Sperry’s executive management team in anticipation of unforeseen tax burdens.
“This year, we all have friends and neighbors who unexpectedly wound up owing on their taxes,” Kevin J. Healy, Sperry’s Chief Executive Officer said. “As a local credit union, we wanted to step up and help those who may have an unpleasant surprise this tax season.”
The impact of tax reform is still being processed by policymakers, and New Yorkers in particular are expected to be hit hard as a result of the new $10,000 cap on the State and Local Tax (SALT) deduction. In New York, it is estimated that 46% of homeowners pay over $10,000 in property taxes, and Sperry, located in the heart of Nassau County – home to some of the highest property taxes in the country - is the epicenter of where these changes will impact resident’s wallets.
“At the end of the day, it’s about the credit union motto of people helping people,” Mr. Healy said. “If Sperry can do their part in easing the burden, we have been true to our mission.”
For more information, taxpayers can call Sperry at 516-873-7171, option 8 or by emailing TaxRelief@SperryFCU.org.