With tax time here, don’t forget to check and see if you qualify for the Earned Income Tax Credit. The state has launched a new website to help families and individuals navigate the EITC. Legislation signed in 2012 doubles the state Earned Income Tax Credit over the next two years. It’s expected to save all working families in Illinois $105 million per year.
Click here for summary
That breaks down to a savings of $199 for a married couple with three children earning $30,000 per year. A married couple with three children and earning just over $50,000 could be eligible for up to $5,891 in state and federal tax relief. To benefit from the state EITC, taxpayers must include it on their tax returns. The Center for Economic Progress estimates that between 10 and 20 percent of eligible taxpayers did not file for the EITC last year.
The center also helps families with incomes less than $50,000 file tax returns for free. “Not only will most of our taxpayers get a bigger state refund but they’ll not pay one cent to get their taxes done by our certified and highly trained volunteers,” said David Marzhal, Center for Economic Progress president. He says many people who are eligible for the EITC simply don’t know they are.