MISSOULA, Mont.—The CEOs of four credit unions here co-authored an op-ed in the Missoulian calling for the legislature to pass a bill that would provide an Earned Income Tax Credit at the state level.
“Montana has over 27,000 families who maintain employment but are below the poverty line. In addition to the struggles of working families trying to make ends meet, this is one of only five states to impose income taxes on the working poor,” the op-ed states. “For example, Montana begins taxing a two-parent family with four children at a lower annual income than any other state, $12,500 in annual income, which is well below poverty. Of all the ideas presented this legislative session to alleviate poverty, we believe one of the most promising opportunities to support working Montanans and boost our economy at the same time is a state Earned Income Tax Credit.
The op-ed cites the success of the Federal EITC, which it said has pumped $151 million into Montana’s economy. The state-level proposal is “modest,” the authors note, with the maximum benefit to Montana families approximately $300. “However, for those 80,000 Montanans, it could mean their ability to pay rent, fix their car, buy groceries or pay a doctor bill,” the article states.
The op-ed was authored by Jeremy Presta, president/CEO of Park Side CU; Diana Cannon of Mile High FCU; Jack Lawson of Missoula FCU, and Emily Guldborg of McCone County FCU.