Citi Community Development (CCD) announced today that it has produced
unique, market-specific publications appearing in newspapers in 26
metropolitan areas across the United States in order to encourage
underserved, working taxpayers to take advantage of refunds available
through the federal Earned Income Tax Credit (EITC). The Money Matters
publication also highlights the availability of free tax preparation
services through the Volunteer Income Tax Assistance (VITA) program of
the Internal Revenue Service (IRS).
"Citi and our community partners across the country were able to educate
and assist many of the Americans who received $59 billion in Earned
Income Tax Credit refunds last year," said Citi CEO Vikram Pandit. "Yet
there are 20 percent of eligible taxpayers who are still not claiming
the EITC, leaving billions of dollars on the table that could be used to
increase family savings, invest in small businesses, or prepare for
college expenses. We remain committed to ensuring that all eligible
families have the information and tools they need to reclaim money that
can improve their lives and stimulate their local economies."
The EITC enables working people who earn approximately $50,000 or less
per year to keep more of their earnings through a tax refund. The IRS
estimates that four out of five eligible people claim and receive the
EITC. However, many people, including millions of eligible workers who
qualified for the EITC for the first time in 2011, don't know about the
EITC or that they must file an income tax return in order to claim the
benefit.
CCD's Money Matters was developed to help connect eligible
taxpayers with local community organizations that provide or promote
free tax assistance. Money Matters includes essential information
about the VITA program and the EITC; wise ways to save money; tips for
stress-free tax filing; and the benefits of having a bank account.
The publications were produced in both English and Spanish and were
inserted into the full runs of local newspapers serving mainly ethnic
and minority populations. The complete collection of publications is
available at www.citicommunitydevelopment.com.
Public officials in several markets served by this campaign reinforced
the importance of Citi's EITC awareness efforts:
Delaware Governor Jack Markell: "Citi is not only an important
employer in our state.