Tax season is upon us, which means that many families across Nebraska are beginning what is often a tedious process of filing their tax returns. Although the process can be complicated, tax returns can provide a significant boost to financial stability for many families. The Earned Income Tax Credit (EITC), which is a federal tax credit, provides relief for low- and moderate-income individuals and families at rates that vary by income and number of dependent children.
In 2006, Nebraska joined other states across the country in establishing a state EITC, which initially provided of 8% of the federal credit, and in 2007, that was increased to 10%. By 2010, the state EITC helped keep working Nebraskans out of poverty by providing over $27.6 million to 132,185 Nebraska families. Together, the state and federal credits provide long-lasting benefits in employment and earnings, health, and even educational achievement by providing some relief and stability to tight household budgets.
While many Nebraskan families are working on their tax returns, Senator Conrad has introduced LB 956 to the State Legislature, which would increase the state EITC from 10% to 13% in another step towards ensuring that all of Nebraska’s children have a chance at “The Good Life.”
Unsure if you qualify for the EITC, or just need help with filing your taxes? Free and multilingual tax assistance is available throughout the state for individuals or families who had a combined income under $58,000 in 2013.
Find a complete listing of Omaha sites here: http://www.unitedwaymidlands.org/media/1279/freetaxprepsites-2014-public.pdf, or search for your nearest tax assistance site here: http://www.myfreetaxes.com/.