Press Release: EITC Not Impacted by Recent Tax Reform
For Immediate Release
Kelly Wagoner; 303-454-3733
Earned Income Tax Credit Not Impacted by Recent Tax Reform
EITC Awareness Day
Denver, CO. January 26, 2018– Today marks the 12th annual EITC Awareness Day, a nationwide effort to increase awareness about the Earned Income Tax Credit (EITC) and free tax preparation sites. The EITC is a refundable tax credit that was established in 1975 to help low-income workers; it has bipartisan support and was unaffected by the most recent tax reform.
EITC Awareness Day is important, especially in Colorado where one out of four people are missing out—in fact Colorado has one of the lowest participation rates in the nation. This means millions of dollars are being left on the table that could help families with things like paying off debt, utilities and rent.
“The EITC helps working Coloradans make ends meet,” said Carol Hedges, Executive Director of the Colorado Fiscal Institute. “As costs go up in our growing state, this refund is more valuable than ever.” According to the Center on Budget and Policy Priorities, the EITC “encourages and rewards work” and “lifts families with children out of poverty.”
The EITC amount varies by income, family size and your filing status—but can be worth up to $6,318. In Colorado, the average EITC refund is $2,200, and for families with children that amount is even more. While the federal EITC has been in existence for decades, the Colorado EITC, which matches 10 percent of the federal credit, was passed in 2013 and became available for tax year 2015.
Because the EITC is a credit that is overlooked by many eligible recipients, each year for the past 25 years, The Piton Foundation conducts a statewide public information campaign to educate working families with low-to moderate incomes about their potential eligibility for the Earned Income Tax Credit and free tax help, which is available to individuals making $54,000 or less through its Tax Help Colorado program.
Tax Help Colorado free tax sites are operated by community college and high school students who take a class in the fall and become IRS-certified. “Each year I'm excited to see students apply what they've learned in class towards helping out members of their own community. Their commitment is often met with hugs and sincere gratitude by the families struggling to make ends meet,” said Courtney O’Reilly, Program Manager at Tax Help Colorado.
Tax Help Colorado operates 24 free tax sites throughout Colorado, however there are more than 100 free tax sites operated by entities also certified by the IRS. Dates and times vary for each site; with most sites operating from late January through the end of March. Taxpayers can find free tax sites near them by calling 2-1-1 or visiting TaxHelpCO.org.
Join the conversation and help spread the word by following #EITCAwarenessDay on social media or visiting the IRS EITC Resource page at www.irs.gov/eitc.
About The Piton Foundation
The Piton Foundation, which is part of Gary Community Investments, is a private, operating foundation established in 1976 by Denver oilman Sam Gary. It is committed to improving the lives of Colorado’s low-income children and their families by increasing access to quality early childhood and youth development opportunities and fostering healthy family and community environments. In addition to investing in creative solutions for Colorado’s low-income children and their families, Piton operates its own programs, including the Shift Research Lab, Tax Help Colorado, and the nation’s largest and longest-running Earned Income Tax Credit public information campaign.