“Magic” Money a Mere Illusion:
Refund Anticipation Loans &
the Earned Income Tax Credit in West Virginia
Read the Press Release
Download the Full Report
(PDF)
In 2007 working West Virginians with modest incomes lost nearly $13 million of their federal EITC refunds to tax preparers who promised them “fast cash” in the form of Refund Anticipation Loans (RALs). EITC recipients disproportionately use these short-term, high-cost loans. With three out of ten EITC recipients purchasing a RAL in 2007, approximately five percent of the federal money intended to help these working families make ends meet was redirected into tax preparers’ pockets.
Select a region below to download a detailed map showing the percentage of EITC Recipients Using RALS by Zip Code:
EITC Coalition 1: Southwest WV
EITC Coalition 2: Eastern Panhandle
EITC Coalition 3: Central WV
EITC Coalition 4: North Central WV
EITC Coalition 5: Mid-Ohio Valley WV
EITC Coalition 6: Southern WV
EITC Coalition 7: Northern Panhandle