Resolution 150777

..Title Authorizing the Philadelphia City Council to hold hearings to investigate the progress of the Income Inequality Initiative implemented by the Department of Revenue. ..Body WHEREAS, The City of Philadelphia has one of the highest poverty rates of any major U.S. city; and WHEREAS, To combat poverty, the City Council passed Bill Number 140448, known as the Income Inequality Initiative - Earned Income Tax Credit; and WHEREAS, Initially enacted in 1975, the Earned Income Tax Credit ("EITC") is a refundable tax credit implemented by the federal Internal Revenue Service that is available to low to moderate income individuals and families; and WHEREAS, The "Income Inequality Initiative - Earned Income Tax Credit," requires all employers to provide notice of the federal EITC program to all Philadelphia resident employees and non-payroll workers at the same time the W-2, 1099, or comparable forms are provided; and WHEREAS, 40,000 Philadelphia residents are not claiming EITC, which has an average benefit of $2,400 per return. WHEREAS, It is the policy of the City to enable all persons who live in Philadelphia and who are potentially eligible for the EITC to apply for and receive the maximum credit to which they are entitled; and WHEREAS, The goal of the law is to help more families take advantage of this tax credit and potentially bring in millions of dollars to the City's economy; now, therefore, be it RESOLVED, THAT THE COUNCIL OF THE CITY OF PHILADELPHIA, Is hereby authorized to hold hearings to investigate the progress of the Income Inequality Initiative implemented by the Department of Revenue. ..End