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Introduction

The Michigan State University Extension Earned Income Tax Credit Statewide Learning Demonstration Initiative. Introduction. Share a strategy for delivering income support through partnerships focused on building financial security of low wage earners

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Introduction

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  1. The Michigan State University Extension Earned Income Tax Credit Statewide Learning Demonstration Initiative

  2. Introduction • Share a strategy for delivering income support through partnerships focused on building financial security of low wage earners • Spark dialogue among participants on such a strategy • I am Susan Cocciarelli, CED Specialist with MSUE and MSU CUA; also the Project Director and Supervisor of the VISTA support component

  3. Topics of Discussion • Asset development through income supports • EITC: Methods for achieving these income supports • Methods for growing income support

  4. Topic One • Asset development through income supports • Access to and use of good financial information and good financial services (not just availability) • Incentives to continue earning an income and saving a portion to get ahead • Support or affordable mechanisms that allow you to keep what you earn

  5. Topic Two • EITC: Methods for achieving these income supports • Setting up sites • Advertising to the right population • Ensuring that tax preparation assistance is trained to file for all credits • Maintaining a competitive edge with for-profit tax prep. services

  6. Topic Three • Methods for growing income support • Connect with affordable financial services before filing • Integrate financial education and tax filing into job readiness activity • Explore existing public mechanisms which encourage savings and even have match incentives – and encourage low wage earners to participate

  7. Real Life • Capitol Area Michigan Works! • Lessons learned so far... • Michigan Education Savings Program • Example of an incentive based education savings program • MSU-E EITC Learning Demonstration Initiative • Combining EITC sites with opportunities for savings mobilization

  8. Capitol Area Michigan Works- EITC Pilot • Strengths: • Have existing credit union staff on site • Have target population for EITC • Has motivational approach • Has the technology • Have the organizational capacity • Areas for improvement: • Scheduling and site management • Recruiting low wage earners vs TANF eligible • Planning ahead of time

  9. What This Means • Focus on efficient and proven ways that allow people to earn money, keep it, and save it to create buffer from economic downturn • Great policy discussions about the use of public funds as investment vehicles for low wage earners ... and extent to which it maintains stability of employment

  10. Next Steps • What are your thoughts about how this might fit into what you are doing? • Are people interested in following up through on-going conversation beyond this conference?

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