The Multnomah County Board of Commissioners will consider a resolution to proclaim Friday, Feb. 4, 2011 as Earned Income Tax Credit (EITC) Awareness Day in Multnomah County. The Earned Income Tax Credit is an effective anti-poverty tool and a method for raising the household income of families and individuals without high incomes.
Depending on household income, families with one qualifying child can receive up to $3,050 with the federal EITC. Families with two qualifying children can receive up to $5,036 and families with three or more can receive up to $5,666. Individuals without children can receive up to $457 from the EITC, depending on income.
Taxpayers can qualify to receive the EITC even if they owe no taxes. For many low-income families, the credit can make the difference between living above or below the poverty line.
In 2008, 46,673 families and individuals in Multnomah County received over $77.5 million in earned income tax credits. However, the Internal Revenue Service (IRS) estimates that 20 to 25 percent of eligible taxpayers do not take advantage of the credit each year, reverting millions of dollars to the federal treasury that could have been circulated in local economies.
The board will review the resolution at the board meeting on Thursday, Feb. 3 after hearing presentations from Joshua Todd and Janet Hawkins of the Commission on Children, Families and Community, as well as Amber Earnest of the IRS.
Representatives from CASH Oregon and the AARP Tax Aide will be providing free assistance with tax returns at local community centers. For more information visit the Commission on Children, Families and Community’s EITC page or www.irs.gov/eitc.