New analysis on the beneficial impacts of the state Earned Income Tax Credit
Today the Budget & Tax Center released a brief, “North Carolina’s Earned Income Tax Credit: A Support to Working Families with Widespread Benefits”, that presents county level data on the number of working families receiving the state Earned Income Tax Credit (EITC). Among the facts offered about the credit:
- The state EITC provides workers earning low wages with a credit to offset their total state and local tax contributions. The state EITC was worth 5 percent of the federal EITC to a family claiming the credit in 2010.
- Recently available data from the N.C. Department of Revenue show that more than 883,000 North Carolinians claimed the credit in 2010 and that they live in every county in the state.
- National research on the EITC finds that the credit has reached nearly half of workers with children at some point and the majority received it for a short period of time.
Click here to read the brief and to see how the credit boosts the economies of each of the state’s 100 counties.