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IRS Newswire March 28, 2025
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Issue Number: IR-2025-38
Inside This Issue
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*Earned Income Tax Credit celebrates 50 years of helping working families*
WASHINGTON - The Earned Income Tax Credit (EITC) has played a crucial role in helping millions of low-to-moderate income workers out of poverty. Saturday, March 29, 2025, marks the 50th anniversary [ [link removed] ] of this important credit.
A component of the Tax Reduction Act, EITC was signed into law by President Gerald Ford on March 29, 1975. What began as a modest means to provide financial help to working families has evolved through a series of legislative changes into one of the federal government’s largest anti-poverty programs.
Over the past 50 years, the EITC has had a significant impact in the lives of eligible taxpayers claiming the credit. As of Dec. 2024, approximately 23 million workers and families received about $64 billion [ [link removed] ] from EITC.
In 1975, the maximum credit amount for EITC was $400. For tax year 2024, the EITC can be up to $7,830. Today, the EITC continues to provide financial assistance to low-to-moderate income working families and individuals, with or without children, by helping them cover essentials, save for the future and build financial stability.
Taxpayers can use the EITC Assistant [ [link removed] ] to determine their eligibility. Those that are eligible can learn how to claim the credit on IRS.gov [ [link removed] ]_._
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