Friday, January 30, 2009

Happy Earned Income Tax Credit Day!

The Earned Income Tax Credit (EITC) came about in 1975 to help low- and moderate-income folks keep more money in their pocket. Sadly, a lot of folks eligible to claim the credit don’t.

The Tri-City Herald reports:
Last year, 365,000 state residents applied for the credit, bringing about $655 million into the state's economy. Another estimated $65 million went unclaimed.

That's why the state has proclaimed today as Earned Income Tax Credit Day to raise awareness of this federal credit that goes unused by about 15 percent to 17 percent of people entitled to it.

Rep. Deb Wallace is actually going to be in Vancouver on Monday morning as part of a bi-state effort with Oregon to raise awareness about a public-private partnership program known as the Free File Alliance. The Alliance provides free tax preparation services and e-filing for the very folks the EITC is intended to help.