The Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC) were temporarily expanded in 2009 to help families struggling during the Great Recession. Over the last few years, these tax credits have made a big impact on Illinois families:
The temporary expansion of these vital tax credits were set to expire in 2017. This would have meant:
- 904,000 children in 445,000 Illinois families would have lost some or all of their working-family tax credits
- Illinois families would have lost a total of $482 million in their tax credits.
- 322,000 children, and 668,000 Illinoisans overall, would have been pushed into — or deeper into — poverty.
Many IABG partners advocated to make sure they did not expire by asking their Members of Congress to permanently expand the EITC & the CTC. And that’s just what Congress did last month. This is an important policy victory for all workers making low-incomes.
As we move into the tax season, don’t forget that there are free tax preparation programs across the state that help low-income families access their tax credits. Find a free tax preparation program in your community.