Greene Countians receive $50M from tax credit program

During 2011, more than 24,000 Greene County taxpayers received more than $50 million in earned income tax credits.

The average return was roughly $2,098, according to a news release from the Internal Revenue Service.

"The (earned income tax credits program) can put an extra $464 to $5,751 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 EITC program, established in 1975 to offset Social Security taxes and to serve as a work incentive, is a refundable tax credit available for those earning $49,078 or less from wages, self-employment or farming, according to the IRS Web site.

During 2011, more than 500,000 low- to moderate-income workers received more than $1.1 billion in the credits, for an average of $2,200 per return, the release said.[[In-content Ad]]