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H&R Block Gives $1 Million to San Francisco EITC-Matching Program

DEC. 14, 2004

H&R Block Gives $1 Million to San Francisco EITC-Matching Program

DATED DEC. 14, 2004
DOCUMENT ATTRIBUTES
  • Authors
    Newsom, Gavin
  • Institutional Authors
    San Francisco Mayor's Office
  • Subject Area/Tax Topics
  • Jurisdictions
  • Language
    English
  • Tax Analysts Document Number
    Doc 2004-23873
  • Tax Analysts Electronic Citation
    2004 TNT 243-13
MAYOR NEWSOM ANNOUNCES $1 MILLION H&R BLOCK CONTRIBUTION TO FUND LOCAL WORKING FAMILIES CREDIT H&R Block provides major sponsorship for new local Earned Income Tax Credit
San Francisco, CA -- Mayor Gavin Newsom today was joined by representatives of H&R Block for a presentation of a $1 million charitable gift to the San Francisco Working Families Credit fund. This program will provide a local match to the federal Earned Income Tax Credit, which is the second most successful anti-poverty program in the nation's history, after Social Security. San Francisco's program is the only one of its kind in the country.

Mayor Newsom, who campaigned on a pledge of creating a local EITC, said "The Working Families Credit will have a significant impact on the ability of San Francisco's working families to pay for school, health care, put food on the table, or to save and build assets. This is exactly the type of public-private partnership that we will be seeing more of in the coming months as we work to address our city's budget crisis."

The Mayor also thanked H&R Block for providing philanthropic support to working San Franciscans during the City's difficult budget season, saying "Thanks to the generous contribution of H&R Block, we have taken a huge step toward making San Francisco more affordable for working families, so they can live and raise their children in the city."

H&R Block Vice President Bernie Wilson acknowledged the Mayor's comments, saying "H&R Block is excited about working with the city of San Francisco in this groundbreaking effort aimed at improving the lives of working families."

"As a company, we are committed to finding new and creative ways to serve those most in need," Wilson continued. "We believe the Working Families Credit represents a new kind of public-private partnership that can have a genuine impact on the lives of thousands of San Franciscans. We look forward to establishing a productive relationship with the city, and perhaps taking the lessons learned in this endeavor to other cities nationwide."

H&R Block claimed $10 billion of Earned Income Tax Credits for its clients last year, nearly one-third of all Earned Income Credits claimed. In addition, through their Express IRA, H&R Block has helped nearly 400,000 people save $210 million for retirement, many of whom had never saved before, let alone for retirement.

The $6 million program will be administered by the City Treasurer, Jose Cisneros, who is proud to work with the Mayor and H&R Block in the development of the local credit and said he was looking forward to putting the program into action. "The Treasurer's Office will ensure the smooth and effective administration of this ground breaking program so that every eligible San Francisco family benefits fully," said Cisneros.

The Working Families Credit is the culmination of an initiative initially conceived by SFWorks and Coleman Advocates for Children and Youth. It provides a local match to the federal EITC for low-income, working San Francisco families with children.

The $6 million, two-year pilot program is an innovative public/private effort that combines city and philanthropic dollars at a rate of 1-1. The city's commitment is capped at $3 million, with $1.5 million budgeted for FY 2005-2006, and $1.5 million budgeted for FY 2006-2007. The payout for recipients of the national EITC is on average $1,760. The city intends to provide a 12-20 percent match for those eligible.

DOCUMENT ATTRIBUTES
  • Authors
    Newsom, Gavin
  • Institutional Authors
    San Francisco Mayor's Office
  • Subject Area/Tax Topics
  • Jurisdictions
  • Language
    English
  • Tax Analysts Document Number
    Doc 2004-23873
  • Tax Analysts Electronic Citation
    2004 TNT 243-13
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