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Home Glossary Term Earned Income Tax Credit (EITC)

Earned Income Tax Credit (EITC)

The Earned Income Tax Credit (EITC) is a refundable federal income tax credit for low to moderate income working individuals and families, which was initially instituted by Congress in 1975. When EITC exceeds the amount of taxes owed, it results in a tax refund to those who claim and qualify for the credit.

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