News Release 2012-12 | January 26, 2012
Office of the Comptroller of the Currency Supports Earned Income Tax Credit Awareness Day, January 27, 2012
WASHINGTON—Acting Comptroller of the Currency John Walsh today issued the following statement recognizing Earned Income Tax Credit (EITC) Awareness Day.
EITC Awareness Day helps get the word out about a valuable tax credit that working families can receive and highlights where people can get help preparing their taxes for free.
Unfortunately, only one in five eligible Americans claim the EITC. The free tax preparation sites promoted on EITC Awareness Day can help more working families take advantage of this valuable tax break during a recovering economy.
National banks and federal savings associations around the country are commended for the work they do in their communities to promote the use of the EITC. By partnering with nonprofit organizations and government agencies, these efforts:
- Promote and provide bank products and services that enable EITC recipients to directly deposit their income tax refunds.
- Sponsor IRS Volunteer Income Tax Assistance (VITA) programs in national bank and federal savings association branches and support employees who volunteer as tax preparers in low- and moderate-income communities.
- Encourage the use of EITC refunds in bank-sponsored savings-match programs, also known as Individual Development Accounts (IDAs).
The OCC provides resources on the EITC at its website at www.occ.gov. These resources include the Leveraging Earned Income Tax Credits to Reach New Bank Customers Fact Sheet. OCC's District Community Affairs Officers are available nationwide to provide information about these and other initiatives to national banks and federal savings associations interested in promoting the 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 26 million taxpayers received about $59 billion in EITC on their 2010 federal income tax returns.