WASHINGTON — Credit unions are among the recipients of the Internal Revenue Service's nearly $8 million in matching grants to support its volunteer income tax assistance program, the agency said today.
The $16 billion State Employees' CU received $122,850 and El Paso CU HOAP Inc., a nonprofit corporation formed by eight area credit unions that promotes homeownership and homebuyer education, received $86,400. The National Federation of Community Development Credit Unions was also awarded $125,000.
The funds will enable VITA programs to extend services to underserved populations and the hardest to reach areas, increase the capacity to file returns electronically and enhance volunteer training, the IRS said.
Under the VITA grant program, the IRS awarded matching grants to 111 organizations that plan to offer free tax preparation sites in 2009 in all 50 states and the District of Columbia. This is the first time the IRS has been able to provide matching grants to support the volunteer income tax assistance program, according to Richard E. Byrd, Jr., IRS commissioner, wage and investment operating division.
There are more than 250 credit unions participating in VITA. For the 2007 tax season, credit unions prepared 18,000 returns, which amounted to $8.2 million in earned income tax credits and $3.2 million in child tax credits, according to IRS.
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