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News Release from Comptroller Susan Combs

For Immediate Release
January 30, 2009

Comptroller Susan Combs Says Federal Tax Credit
Could Return Billions of Dollars to Texas Families

(AUSTIN) — Before filing your federal income tax return, Texas Comptroller Susan Combs reminds Texans to check whether they qualify for the Earned Income Tax Credit (EITC).

“The Earned Income Credit gives lower-income working families a tax refund they can spend or use to pay their monthly bills,” Combs said.  “Last year, more than 2.2 million Texans claimed the credit and received more than $5.1 billion in EITC refunds — an average of $2,260 per qualifying household.” 

EITC refunds are based on family size and income.  Families with two or more children and less than $41,646 in earned income in 2008 may qualify for an EITC refund.  Families with one child may qualify if their earned income in 2008 was less than $36,995.  Working families or individuals with no children may qualify if their earned income was less than $15,880 and they are between 25 and 64 years old.  To receive the credit, the Internal Revenue Service requires families to meet specific eligibility standards and supply a valid Social Security number for each family member.

More information about how to qualify for the EITC, printable materials for businesses and community organizations to distribute and helpful links to IRS tax forms and publications can be found on the Comptroller’s Web site at www.window.state.tx.us/taxinfo/eitc/.

Workers who expect to qualify for the EITC during tax year 2009 and have at least one qualifying child can sign up for the Advance Earned Income Tax Credit at work and receive part of the credit in each paycheck, instead of waiting for a tax refund.

“The EITC provides a significant financial boost to Texas families and the state economy at a time when economic stimulus is much needed,” Combs said.  “I encourage all families that qualify for the EITC to claim the credit.”

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