Taxpayer Assistance And Simplification Act Of 2008
Madam Speaker, I rise today in strong support of H.R. 5719. It is fitting that we are debating a bill that provides much needed assistance for low and moderate income taxpayers. The Taxpayer Assistance and Simplfication Act recognizes the…
Madam Speaker, I rise today in strong support of H.R. 5719. It is fitting that we are debating a bill that provides much needed assistance for low and moderate income taxpayers. The Taxpayer Assistance and Simplfication Act recognizes the need for enhanced financial literacy for those individuals by authorizing an annual $10 million grant for the Volunteer Income Tax Assistance programs and increases the authorization levels for grants targeted to qualified low-income taxpayer clinics to $10 million.
These free taxpayer assistance programs walk these individuals through what can be a daunting tax preparation process and alert them to assistance they may be eligible for.
A provision of particular importance to me and the taxpayers in the 7th Congressional District is a requirement for IRS to notify taxpayers of potential eligibility for the Earned Income Tax Credit for all open tax years and directs the IRS to notify individuals who have not filed a return, but who may be eligible for the credit based on previous return information.
In Indianapolis, there are tens of thousands of individuals who qualify for the credit who do not claim it. This credit assistance is critically needed by many families in my district.
As an advocate for financial literacy I am pleased to lend my support to this legislation that enables organizations to better reach out to those low income individuals who have been hit so hard during this turbulent time in our economy. I thank Chairman Rangel and my colleagues on the Ways and Means Committee for their hard and thoughtful work on this bill.