A brief reminder about the federal Earned Income Tax Credit (EITC). To see who qualifies to claim the EITC on tax returns, visit the Federal EITC Homepage.
The EITC provides great economic benefit to low-income workers and local economies across the state. For individuals and families, the EITC provides financial opportunity in this disastrous economic climate. EITC refunds can make the difference for staving off foreclosure or providing the basics for a decent life, like paying utilities and buying food. Every year, federal EITC refunds bring in over $1 billion to Michigan. Much of this is spent directly in local economies; for every $1 in EITC refund received, $1.67 is spent back in the recipient’s local economy.
For more information about the EITC please reference:
- The Michigan Statewide EITC Coalition
- Michigan Department of Treasury EITC Page
- Federal EITC Homepage
- Economic Benefits of the Earned Income Tax Credit in Michigan, 2009 Report from Anderson Economic Group [657KB PDF]
- The Michigan League for Human Services recently published Money Back in Michigan, a guide to the EITC and other tax credits Michigan residents may be eligible for.