News Release 2008-8 | January 31, 2008
Comptroller Dugan Supports Earned Income Tax Credit (EITC) Awareness Day
WASHINGTON—Comptroller of Currency John C. Dugan today issued the following statement in recognition of Earned Income Tax Credit (EITC) Awareness Day.
EITC Awareness Day marks a nationwide effort to increase the public's awareness about EITC and free tax preparation sites. EITC is an important source of income for working families that every eligible taxpayer should claim. Free tax prep help is available to ensure that these wage earners receive the credits they have earned.
Today, I would like to recognize the efforts of national banks across the country in helping to promote use of the EITC within their communities. Many initiatives involve partnerships with nonprofit organizations and government agencies that comprise activities, such as:
- Promoting bank products and services among EITC recipients that will allow tax refunds to be directly deposited into newly created bank accounts.
- Sponsoring IRS Volunteer Income Tax Assistance (VITA) program in national bank branch offices and making bank employees available to volunteer as tax return preparers in low income communities.
- Linking EITC refunds with bank-sponsored savings match programs, also known as Individual Development Accounts.
OCC's District Community Affairs Officers are stationed throughout the country and available to provide information about these and other initiatives to national banks interested promoting EITC in their communities.
Created in 1975, the EITC is the federal government's largest program for benefiting working families. It is a refundable tax credit for people who work, but do not earn high incomes. More than 22.4 million taxpayers received $43.7 billion in EITC on their 2006 federal income tax returns. However, the Internal Revenue Service estimates that as many as 25 percent of eligible taxpayers fail to claim their EITC.