| Charleston, SC – South Carolina Asset Development Collaborative, an initiative led by the South Carolina Association of Community Development Corporations, today announced it has received a $10,000 grant from Bank of America to embark upon an ambitious effort to assist low-to-moderate income residents obtain unrealized tax refunds through the Earned Income Tax Credit (EITC). With the funding from Bank of America, the Collaborative will help launch a grassroots marketing effort to increase awareness of nine Volunteer Income Tax Assistance (VITA) sites in the state, which can assist residents in preparing their federal tax returns and claiming their EITC.
“It is estimated that over $130 million in EITCs go unclaimed by eligible South Carolina residents,” said Bernie Mazyck, President and CEO of the South Carolina Association of Community Development Corporations. “We are very grateful to Bank of America for this opportunity to assist low-wealth citizens throughout South Carolina.”
Earned Income Tax Credits can provide resources to South Carolina families that could be used for a down payment on a new home, start-up capital for a small business or tuition assistance. Many state residents are not accessing this refundable credit because they do not have the expertise to complete the appropriate tax forms and they are not aware that free tax return services are available.
“With this donation, we hope to help more people effectively navigate the tax system, access tax preparation services and secure the benefits of the Earned Income Tax Credit,” said Kim Wilkerson, South Carolina president, Bank of America. “By supporting the South Carolina Asset Development Collaborative program, Bank of America hopes to help underserved individuals and families preserve income and develop assets, and thereby advance the health and vitality of South Carolina.”
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