YEO Policy Books 2013 Policy Reader - Page 13

Defending Workers and Families Policy Reader An Act Promoting Financial Stability and Asset Development Sponsored by Massachusetts Senator Jamie Eldridge Target Level of Office: State Summary: This legislation promotes asset development in transitional assistance programs to encourage low-income parents to obtain vocational educational training. Link to More Information: Colorado Working Families Economic Opportunity Act Target Level of Office: State Summary: This law supports working families in creating a permanent state Earned Income Tax Credit and child tax credit in Colorado. Link to More Information: 2013 Cuyahoga EITC Coalition Target Level of Office: Local Summary: Cuyahoga County, Ohio has created a coalition of social service agencies, community groups, and government organizations which work collectively to provide free tax preparation services for low- and middle-income families. Additionally, the coalition worked to ensure that as many residents received the Earned Income Tax Credit as were eligible. This program benefits citizens, businesses, and local governments by helping low-income families receive the full refund they are entitled to, bringing more money into the local economy, and increasing local government tax revenue from increased spending. Link to More Information: http://www.YEONetw Model Payday Lending Act Target Level of Office: State and Local Summary: This legislation in Illinois takes significant steps to limit the harmful aspects of payday loans. The legislation limits the maximum loan amount to 25 percent of the consumer’s monthly income, requires the loan term to be between 13 and 120 days, and limits fees to 15.5 percent of the loan amount. Link to More Information: 11