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CES Multi-State Initiative. Introduction: Collaborative effort to increase benefits obtained by low-to-moderate income families. CES Multi-State Initiative. Methods for increasing benefits Free income tax preparation assistance Outreach Financial literacy programs Location of programs

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ces multi state initiative
CES Multi-State Initiative

Introduction:

Collaborative effort to increase benefits obtained by low-to-moderate income families

ces multi state initiative2
CES Multi-State Initiative
  • Methods for increasing benefits
    • Free income tax preparation assistance
    • Outreach
    • Financial literacy programs
  • Location of programs
    • Rural America
    • Urban America
objectives of initiative
Objectives of Initiative
  • Increase the number of low-income working families who use free tax prep
  • Increase the number of EITC (Earned Income Tax Credit) eligible claimants
objectives of initiative4
Objectives of Initiative
  • Maximize the value of tax refunds for EITC eligible families
  • Link EITC recipients to Cooperative Extension financial education and asset building programs
ces multi state initiative5
CES Multi-State Initiative

Key Partners:

  • CSREES-USDA
  • Cooperative Extension Service
  • Center on Budget & Policy Priorities
  • IRS:SPEC (Stakeholder Partnerships, Education & Communication)
  • Community Based organizations
community based partnerships
Community Based Partnerships

AssetBuilding

Awareness and Education

Awareness and Education

Community- Based Organizations

Tax Preparation

definition of terms
Definition of Terms
  • Earned Income Tax Credit (EITC)

Federal Tax Benefit to help low to moderate income workers and families increase their financial stability

    • Reduces Taxes for workers
    • Supplements wages
    • Makes work more attractive than welfare
    • Fully refundable credit
eitc income limits tax year 2006
EITC Income LimitsTax Year 2006
  • $36,348 ($38,348 MFJ) with two or more qualifying children
  • $32,001 ($34,001 MFJ) with one qualifying child
  • $12,120 ($14,120 MFJ) with no qualifying children
eitc maximum credit tax year 2006
EITC Maximum CreditTax Year 2006
  • $4,536 with two or more qualifying children
  • $2,747 with one qualifying child
  • $412 with no qualifying children
eitc impact ty2005
EITC Impact – TY2005

Nationally

  • 22 million EITC returns
  • $41.4 billion in EITC
definition of terms11
Definition of Terms
  • Child Tax Credit

Federal Tax Credit worth up to $1,000 for each qualifying child under age 17

definition of terms12
Definition of Terms
  • Split Refund

Taxpayers can now split their refunds among up to three checking or savings accounts, with up to three different financial institutions

  • Telephone Excise Tax Refund (TETR)

A one-time payment available on your 2006 federal income tax return, designed to refund previously collected long-distance federal excise taxes

benefits
Benefits
  • Helps move families toward self-sufficiency
    • Linking free tax prep & EITC refunds to financial education & other asset building opportunities
    • Natural Link to America Saves campaigns
    • Link to Split Refunds
benefits14
Benefits
  • Potential to help bring millions of dollars in EITC refunds into your community
  • Help stimulate the local economy
what can ces contribute
What can CES Contribute?
  • Join existing community based coalitions
  • Key leadership in developing new coalitions in underserved areas of Rural America
what can ces contribute16
What can CES Contribute?
  • Market VITA sites of existing coalitions – 2007 Filing Season
  • Provide financial education to refund recipients
irs spec contributions
IRS-SPEC Contributions
  • Tax law expertise
  • Access to local coalitions
  • Free software for tax preparation
  • Training materials
  • Data on EITC statistics
  • Marketing products and materials
  • Technical assistance
accountability issues
Accountability issues
  • Measuring Impact
  • Reporting on activities – timely
  • Establish National Leadership Team
    • Develop “Marketing Plan” – increase participation
    • Develop “Evaluation Plan” – measure impact
    • Establish “Best Practices”
contact info
Contact Info

Robin Taylor

Senior Tax Analyst

Education & Government Partnerships

401 W. Peachtree Street NW

Stop 52-WI

Atlanta, GA 30308

Office: 404-338-7174

E-Mail: [email protected]

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