Thousands of working families and individuals in Washington are eligible to receive a check for up to $5,751 in Earned Income Tax Credit (EITC) from the Internal Revenue Service. Gov. Chris Gregoire proclaimed Friday, Jan. 27, “Earned Income Tax Credit Day” to help raise awareness of this federal program. The program goes unused by about 20 percent of qualified workers because they don’t realize they are eligible. Last year, 426,124 people applied for the credit, bringing about $847 million into the state’s economy. Read the news release and blog post by Commerce Deputy Director Dan McConnon. Listen to Gov. Gregoire’s audio public service announcement.

About the 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

1) The Asset Building Program offers start-up support and free consultation for asset building activities in communities across Washington. For more information, email Diane Fay or call her at 360-725-2903. You may also want to visit the Washington Asset Building Coalition website where you’ll find a list of local coalitions already in place.

2) 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.

3) 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 15, call 2-1-1 or 1-877-211-9274 and ask for free tax preparation.  

4) The program also administers the Individual Development Account (IDA) program through contracts with local service providers. These service providers are responsible for local IDA program management and operations including:
     - Accepting applications and determining eligibility 
     - Developing individual savings plans for accountholders
     - Providing financial literacy and other types of training and/or counseling to prepare accountholders for their asset purchases

Other Helpful Links

• Check out the Washington Financial Education Calendar to learn about money management classes being offered around the state.

• EITC media kits are available for partners wanting to help spread the word at EITC Central.

For More Information About the Asset Building Program

Please email Diane Fay or call her at 360-725-2903.