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Active Nov 7, 2007 to Jan 31, 2008
| The Earned Income Tax Credit (EITC) is a federal income tax credit available to individuals and families participating in the workforce. It is the nation’s largest and most effective federal aid program. Eligibility for the EITC is based on income level, marital status, and number of dependent children. In 2004, the year for which the most recent Internal Revenue Service (IRS) data is available, 21 million individuals received the EITC, returning $39 billion in income to workers. Of those receiving the EITC, 63.4% use their tax credit to pay current bills or debt, 20% use it to gain assets such as a vehicle, house, or education, and 12.4% use it to build savings. The money returned to individuals and families through the EITC is critical in helping them meet basic needs and achieve a level of financial stability. The Role of United Way Recognizing the EITC’s potential impact in helping individuals and families become financially stable, United Ways are playing a key role in promoting the EITC. United Way’s capacity for partnership-building is particularly well suited to EITC outreach and free tax preparation efforts. |
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