Monthly Archives: July 2012
Recently United Way Worldwide was honored to have the National Community Tax Coalition participate in a convening of 40 national policy experts who gathered to discuss critical policy priorities that advance the common good.
United Way focuses on the building blocks of a quality life: quality education that leads to a stable job, enough income to support a family through retirement and good health. We know that to truly improve community conditions requires partnership and coordinated action at the local, state and national level; it requires a focus on the policies necessary to create system-wide change. Read the rest of this entry
Barring action from Congress, the partially refundable American Opportunity Tax Credit (AOTC) will expire at the end of 2012 and revert to the nonrefundable Hope Credit. The White House estimates 11 million families would face an average tax increase of $1,100 for each student who would have been eligible for the AOTC in 2013 if this happens.
At a time when our economy depends on growing our pool of highly-skilled and well-educated labor, we cannot prevent low-income students from getting ahead and accessing opportunities to attain a college degree. We shouldn’t risk decreasing their ability to pay for their education.
Fortunately, a bill – H.R. 6179 – has been introduced in the U.S. House of Representatives to extend the AOTC for another year, delaying its expiration until Dec. 31, 2013. Read the rest of this entry
Most news-media attention is settling on how S.3393 would affect federal income tax rate reductions that otherwise expire in December (allowing rates to rise only for the wealthiest 2 percent of households). Yet the bill would retain key improvements in the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC) that are scheduled to end in five months, too. Read the rest of this entry
Having now completed its third tax season, NCTC’s Skills Based Volunteerism (SBV) initiative is looking to the future. With the goal of building the capacity of participating organizations to serve more clients through highly-skilled volunteers, the program’s results show that 2012 has been an unqualified success.
Started with support from Bank of America and now E-Trade Financial, the Skills Based Volunteerism program seeks to build the capacity of the asset-building field by increasing the number of active volunteers through a scalable framework.
Some of the results from the 2012 tax season: Read the rest of this entry
NCTC is proud to announce and congratulate the inaugural class of the Financial Aid U Training Institute! Eight programs from across the country will be admitted to the next iteration of the Financial Aid U program.
Programs were chosen based on their commitment to adding or building their current asset building services to assist aspiring first-generation and low-income students in financing their college education.
The inaugural class includes: Read the rest of this entry
Long-time Congressional friends of VITA recently reintroduced legislation that serves as a complement to NCTC’s own VITA Act: the Taxpayer Bill of Rights Act of 2012.
Congressman Xavier Becerra of California introduced H.R. 6050 in the House, and Senator Jeff Bingaman of New Mexico introduced S. 3352 in the Senate. The primary purpose of these identical, wide-ranging bills is to improve services and protect the rights of all taxpayers, particularly those with low or moderate incomes.
The VITA field and the working families who make use of its services should be glad to note that the Taxpayer Bill of Rights Act includes, among other things, a provision to authorize the VITA Matching Grant program at an annual amount of $35 million. Today, the appropriation totals $12 million. Read the rest of this entry