Results of Earned Income Tax Credit effort
In photo (left to right): Lawrence Mayor Michael Sullivan, Chamber of Commerce Chair Joe Bevilacqua, United Way President Michael Durkin and IRS representative Bill Smits announce results of the Lawrence Earned Income Tax Credit effort in Lawrence.
Mayor Sullivan, United Way, IRS announce results of Earned Income Tax Credit effort at Lawrence Event
Lawrence, Mass - On Thursday, May 7, Mayor Michael Sullivan joined United Way President Michael Durkin, Bills Smits of the IRS, and four Lawrence nonprofits to announce the results of this year's effort to help more residents file for their Earned Income Tax Credit (EITC), a refundable federal income tax credit for low-income working individuals and families. In January, United Way of Massachusetts Bay & Merrimack Valley invested $33,000 to expand the number of free tax sites it funds in Lawrence.
Since that time, the investment and more than 40 volunteers at sites like Lawrence Community Works, Hispanic Office of Planning and Evaluation, Greater Lawrence Community Action Council and American Training, Inc., have helped to leverage $1.2 million in refunds from 836 returns in Lawrence, almost a half million in EITC alone. While final numbers aren't in yet, these results represent an increase of more than 40% in EITC filing this year over last.
Studies show that approximately 60% of the Lawrence population is potentially eligible to claim EITC, yet an estimated $4.7 million in tax credits go unclaimed each year. Thursday's event will be held to thank the many volunteers, from companies like Bank of America, who took the training and turned out throughout the tax season to help local residents access their earned income tax credit.
EITC is especially important in uncertain economic times. Last year federal EITC brought over one-half billion into the Massachusetts economy, an 8% increase from the previous season. The state EITC resulted in another $8.5 million.
United Way partners with the IRS, Bank of America and other community leaders across the region to ensure that Massachusetts residents have the information and resources they need to access their full earned income tax credit. United Way's larger strategy to improve financial stability among individuals and families invests in basic needs, housing, employment training, and other asset building opportunities. Thursday's event will be a chance to thank volunteers and formally announce the results to-date.
