EITC and Tax Refund Anticipation Loans – Arkansas

Tax refund loans cost Arkansans millions, By John Lyon, November 3, 2009, Fort Smith Times Record: “Arkansans spend about $100 million a year obtaining loans against anticipated tax refunds, according to a report released Monday by Arkansas Advocates for Children and Families. The report also estimated that Arkansans miss out on as much as $110 million a year by failing to claim the federal earned income tax credit. ‘Low-income tax filers are paying tax preparation fees, in many cases exorbitant tax preparation fees to have their taxes done, when in fact most low-income families could receive free tax assistance through an existing VITA (Volunteer Income Tax Assistance) site,’ Rich Huddleston, executive director of Arkansas Advocates, said at a news conference to announce the report…”