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About The skanner. (Portland, Or.) 1975-2014 | View Entire Issue (Sept. 18, 2019)
Page 6 The Skanner Portland & Seattle MINORITY BUSINESS ENTERPRISE EDITION September 18, 2019 MBE 2019 Earned Income Tax Credit Reduces Taxes for Low- and Moderate-Income Wage Earners “T he Earned In- come Tax Credit (EITC) is proba- bly the number one cash benefit program for low income families in the country,” accord- ing to Chris Rockey, senior vice president, market manager, Great- er Maryland Community Development Banking for PNC Bank. “It can be a challenge to get into the program,” Rockey adds, “but it is a way to put needed cash into a family’s pockets.” The EITC was imple- mented as a way to off- set the impact of Social Security taxes on low to moderate taxpayers and to provide them with an incentive to work. The credit can be worth up to $6,431 for 2018 and up to $6,577 in 2019 for fam- ilies with three or more qualifying children. For taxpayers with two qual- ifying children, the max- imum credit this year is $5,828. The maximum credit for one qualifying child is $3,526. “The EITC is different than other federal assis- tance programs,” Rockey continued, “because you actually have to have in- come in order to qualify.” There are several ways individuals can deter- mine if they are eligible for the EITC, Rockey ex- plained. “A number of community action asso- ciations through their financial programs are very aggressive about educating their clients about the EITC, as well as other programs like the CTC (Child Tax Credit),” he said. Rockey also noted that he has seen a trend with Volunteer Income Tax Assistance (VITA) prepa- ration sites whereby they are focusing on reaching out to working families to help them through the eligibility process. “There are clearly ef- forts under way from an educational standpoint, “Rockey said, “but like any other government program it can be cum- bersome, and unless you have someone who can help you navigate the twists and turns it can be confusing.” In a best-case scenario, Rockey notes, a family or individual works with a case manager or social worker who is skilled in the process. He adds that by consulting with a VITA site, taxpayers can position themselves to be eligible for next year’s credit even if they are not signed up for the current tax year. It is also possi- ble to apply for the bene- fit retroactively. Rockey said that PNC Bank does not work di- rectly with potentially el- igible taxpayers to quali- fy them for the EITC, but it does explain how the program works and will refer them to its trusted community partners for intake. “Our partners can provide the informa- tion and resources our customers are looking for,” he adds. Still, obtaining accu- rate, reliable informa- tion about the EITC can be a challenge, Rockey warns. It is often diffi- cult for those who need information about their eligibility to get access to transportation and take time off from work to meet with someone who can help them to qualify. “It’s not just getting ed- ucated about the EITC,” he added, “it’s also about learning how to access the benefits while keep- ing their job.” Even in the current di- vided political environ- PHOTO: ISTOCKPHOTO / NNPA By Christopher G. Cox, publisher and managing editor, realesavvy.com Special Business Edition Unlike federal programs that benefit individuals and families who are not in the workforce, “he said, “the EITC provides a direct benefit to the working poor. ment, Rockey is encour- aged about the outlook for the EITC because over the years it has gained a great deal of bipartisan political support. In re- cent years, he adds, there has been some talk of try- ing to modernize some of the EITC’s income quali- fications. “Unlike federal pro- grams that benefit in- dividuals and families who are not in the work- force, “he said, “the EITC provides a direct bene- fit to the working poor. Whether you are an R or a D, you want more peo- ple in the workforce.” Leaders cont’d from pg 3 shared objective of the conference and the NNPA National Leadership Awards is to network, collaborate, and strategize collectively for the advancement and empowerment of Black America. “We are delighted to celebrate this year’s honorees,” said NNPA Chair and Houston Forward Times Publish- er Karen Carter Richards. “We salute them for the leadership they have displayed in the Black com- munity and for their overall support of the Black Press,” Richards said. “The Black Press is needed now more than ever. We are the daily re- corders of our history. We are, and forever will be, The Original Black Press of America,” Richards said. NNPA’s corporate partners include General Motors; RAI Services Compa- ny; Bill & Melinda Gates Foundation; and Pfizer, Inc. NNPA corporate sponsors in- clude Toyota; Ford Motor Co.; AARP; Northrop Grumman; Eli Lilly; Wells Fargo; Volkswagen; UAW; API; Walt Disney World Parks & Resorts; Com- cast; U.S. Census; CBCF; Koch Indus- tries; Ascension; and AmeriHealth. Scott, who accepted the award for his national leadership in education, thanked Dr. Chavis and Carter Rich- ards for their guidance of the Black Press. “The Black Press tells news that needs to be told,” Scott said. Bass said, “We look to [The Black Press] for news. America knows the work you do, and we look to you to help tell our story,” she said.