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EARNED INCOME TAX CREDIT

EARNED INCOME TAX CREDIT . THE AUSTIN EXPERIENCE. THE LINKS. Outreach – families not aware of or not claiming EIC or Child Tax Credit 25% or more are not claiming Free Tax Preparation – preserve the value of the credit Asset Building – introduce financial literacy. BENEFITS.

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EARNED INCOME TAX CREDIT

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  1. EARNED INCOME TAX CREDIT THE AUSTIN EXPERIENCE

  2. THE LINKS • Outreach – families not aware of or not claiming EIC or Child Tax Credit • 25% or more are not claiming • Free Tax Preparation – preserve the value of the credit • Asset Building – introduce financial literacy

  3. BENEFITS • Can bring in $5-25million in federal benefits to the families and economy • Increase family income up to 30% • Can save $5 million in commercial fees • Opportunity to build assets: buy a house or car, pay off debt, set up savings, go to school/college • Decrease the need for public services

  4. AUSTIN STATS 2004 tax year • Number of returns: goal – 5000, actual – 7413, 2003 TY– 2700, 2007 Goal – 15k • National Leads: San Anton – 22k, Tulsa –16k • Total refunds: goal - $7mil, actual $9.6mil, 2003 TY 4.3mil • Five Tax Center sites, 200 volunteers, value of services: $847,000 • Predominant demographic – Hispanic

  5. LESSONS LEARNED • Volunteer Training and follow up • Tax Center Management/location • Immigrant population and use of ITINs • Financial Literacy education/training/use • Spanish language volunteers • Sustainable funding • Public/private partners and support

  6. OPPORTUNITIES • Additional Community Tax Centers • Mobile Team • Rapid Refund Loans • Match refunds for house down payment • Eligibility check for other assistance programs • Year round tax assistance

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