Corporate Voices for Working Families attended a press conference on Capitol Hill yesterday June 25, which announced the introduction of the Earned Income Credit Information Act of 2008. Senator Chuck Schumer (D-NY) and Senator Rahm Emanuel (D-IL) spoke at the Press Conference, as did Wal-Mart and SEIU.
The Earned Income Tax Credit (EITC) is the largest Federal effort to relieve poverty in the United States, yet countless Americans are not aware of their eligibility to benefit from this program. This piece of legislation will require that employees be notified about their eligibility for the EITC. Employers will be required to notify their employees who meet the earning eligibility, either by supplying the Internal Revenues Service Notice 797 or a different written document explaining the bill. This information must be provided at the same time that the W-2 form is provided. Small businesses with less than 25 employees will not be required to notify their employees. Just as there is a penalty for not providing the W- 2 forms, there will is also be a fine for not providing proper notice of the EITC.
“Corporate Voices for Working Families has launched an aggressive campaign to assist companies in educating working families about Earned Income Tax Credits and we welcome this legislation as an important step in increasing awareness about EITC,” –Donna Klein, President and CEO
Over the past five years, Corporate Voices for Working Families has worked to help educate employers about their employees’ benefits. By printing and distributing the Employer Guide: Educate Your Employees About the Benefits They’ve Earned, Corporate Voices has made it a priority to ensure that employers have the necessary information about the EITC, Child Tax Credit, SCHIP and other forms of support.
Corporate Voices for Working Families is happy to support this piece of proposed legislation and will work to make this a bipartisan effort.