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County taxpayers receive $49M of Earned Income Tax Credits in 2010

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Approximately 24,000 Greene County taxpayers received more than $49 million in Earned Income Tax Credits during 2010, according to a news release from the Internal Revenue Service.

The EITC, created in 1975, is a federal income tax credit for individuals or families with low to moderate income.

"The EITC can put an extra $457 to $5,666 into the pockets of low income working individuals and families," IRS spokesman Michael Devine said in the release. "If they qualify and claim the credit, they could pay less federal tax or even receive a refund beyond the amount of tax withheld."

The credits were created partially to offset Social Security taxes and partially as a work incentive, according to the IRS Web site.

More than 522,000 Missourians claimed the credits in 2010 and received more than $1.1 billion, according to the release.

Eligibility for the tax credits can be determined at the EITC Web site.
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