Contact:
Fred Whiting
Points of Light Foundation
(202) 729-8177
fwhiting@pointsoflight.org
Laura White
Capital One
Laura.white@capitalone.com
February 1 Designated "EITC Awareness Day" by IRS
Volunteers to assist low-income families with their taxes
WASHINGTON, D.C. (January 29, 2007)—The Internal Revenue Service has declared February 1 to be "EITC Awareness Day" to help low-to moderate-income families take advantage of the Earned Income Tax Credit. The EITC is a refundable federal income tax credit for low-income working individuals and families.
Thanks to a $250,000 grant in in-kind marketing support from Capital One, Volunteer Centers in ten local communities are working to strengthen and expand EITC outreach and free tax-preparation campaigns. The ten communities include:
- Baton Route, LA
- Columbus, OH
- Fairfax, VA
- Houston, TX
- Louisville, KY
- Macon, GA
- Phoenix, AR
- Flint, MI
- Springfield, OR
- Provo, UT
The Earned Income Tax Credit (EITC) is available to working families whose income is less than twice the federal poverty line. It is for people who work hard but don't earn high incomes.
Enacted by Congress in 1975, the EITC represents the largest single source of funding for low-income working families. For tax year 2006, working families earning $36,348 or less may be eligible for the tax credit. This amounts to 17% of all income tax filers.
The Internal Revenue Service says that more than $32 billion is available for low-income working families, but up to 20 percent of those eligible for this support do not claim the EITC in any given year. This leaves as much as 7.6 billion dollars unclaimed by families struggling to make ends meet.
The deficit in the number of applicants is attributed primarily to a lack of awareness about the EITC as well as a lack of technical awareness in claiming the credit. Immigrants, rural residents, and married couples are among the groups that are least likely to know that they are eligible for the ETIC. Many non profit organizations, including Volunteer Centers, are working to bridge this gap.
About Capital One
Headquartered in McLean, Virginia, Capital One Financial Corporation (www.capitalone.com) is a financial holding company with more than 700 locations in New York, New Jersey, Connecticut, Texas and Louisiana, that offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients. Capital One invests in expanding economic opportunity and helping foster economic security among low- and moderate-income families in the communities where we live and work. We do this by supporting organizations that are developing innovative programs around education, financial literacy and community development through grants, in-kind resources and the service of our dedicated associates
About the Points of Light Foundation
The Points of Light Foundation & Volunteer Center National Network engages and mobilizes millions of volunteers who are helping to solve serious social problems in thousands of communities. Through a variety of programs and services, the Foundation encourages people from all walks of life — businesses, nonprofits, faith-based organizations, low-income communities, families, youth, and older adults — to volunteer.
For more information on the EITC, go to:
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