Asset Building Program
More than a quarter of Americans are living paycheck to paycheck without savings or investments in equity such as a home or small business. Evidence shows that with training and incentives, even the lowest income Americans can break this cycle, begin saving, and planning for a better future. Asset development:
Promotes financial literacy, savings, and access to mainstream banking.
Promotes use of the Earned Income Tax Credit along with free and reduced tax preparation services.
Provides incentives to invest in appreciable assets for long-term prosperity.
How We Help
The Asset Building Program offers start-up support and free consultation for asset building activities in communities across Washington. For more information visit the Washington Asset Building Coalition
website where you’ll find a list of local coalitions already in place.
Bank On Washington
brings banks, credit unions, government, and community organizations together to provide individuals with access to low-cost checking and savings accounts. The goal is to help people keep more of their money for savings so they can build on their dreams.
The Earned Income Tax Credit
(or EITC) is for people who earn low-to-moderate incomes. EITC can reduce a worker's taxes and result in a refund. This means working families and individuals can keep more of what they earn. After January 30, call 2-1-1 or 1-877-211-9274 and ask for free tax preparation.
EITC Marketing Toolkit
Help us spread the word about EITC. Posters, handouts, postcards, and more are available (see toolkit links on the right).
Last year, 438,000 Washington individuals and families applied for the credit, bringing about $920 million into the state’s economy. The program goes unused by about 20 percent of qualified workers because they don’t realize they are eligible. The Department of Commerce wants to help all working Washingtonians that qualify for the Earned Income Tax Credit to file and claim it. Some workers who may be unaware that they qualify include:
- Living in rural areas
- Receiving certain disability pensions or have children with disabilities
- Without a qualifying child
- Not proficient in English
- Grandparents raining their grandchildren
- Recently divorced, unemployed, or experienced other changes to their marital, financial, or parental status
Other Helpful Links