Business and the Economy
Earned Income Tax Credit Promoted
Low wage earning Kentuckians are again being urged to file for federal earned income tax credits. The plea came today/Friday from Governor Beshear in Lexington and Lieutenant Governor Jerry Abramson in Louisville. West Liberty resident Zach Engle got married, bought a home, and then lost his job a year ago. He was a tax credit beneficiary turned financial coach. “My wife and I just recently celebrated our one year anniversary. I have a job that I enjoy going to every day and I jumped at the opportunity given to me by my wonderful supervisor to become a vita volunteer tax preparer, giving me a chance to truly pay it forward,” said Engle.
The governor was part of an event at the United Way office in Lexington. Joining him was Julie Neace, a beneficiary of the tax credit who has used the assistance to continue her schooling.
“It’s not just these purchases that we’re making with this money. It’s the opportunities it’s allowed you to have. It’s the confidence that I can say, ‘yes I will be there.’ Yes, I can come to work every day. I can make it at eight o clock in the morning and stay until seven at night, if that’s what I need to do. It’s the opportunities, it’s the hope that is really given us,” said Neace.
A federal earned income tax credit has been in place since 1975. A similar Kentucky state credit has been proposed many times over the years. Governor Beshear says it deserves consideration.
“Certainly I think it’s a good idea. We’ll have to see how it fits in to all of the other recommendations and where we can find some common ground in the legislature,” added Beshear.
A special panel studying tax issues released numerous tax reform recommendations a few months ago. Governor Beshear admits it may take a special session to take up this issue.