Pascrell Pleased by IRS’s Release of $34 Billion in Tax Refunds

EITC and ACTC refunds have been withheld

WASHINGTON, DC – U.S. Rep. Bill Pascrell, Jr, (NJ-09), the Chairman of the House Ways and Means Subcommittee on Oversight, today commended the Internal Revenue Service (IRS) for issuing $34 billion in refunds to six million individuals and families who claimed the Earned Income Tax Credit (EITC). The IRS reported that taxpayers who requested their refunds by direct deposit would receive them today.  These refunds had been withheld under the terms of the PATH Act of 2015.

The PATH Act requires the IRS to wait until February 15 each filing season before releasing refunds to taxpayers claiming the EITC and certain child tax credits (CTC) who filed their tax returns early. Pascrell, along with full committee Chairman Richard Neal (D-MA-01), have introduced H.R. 6460 to eliminate the February 15 waiting period for EITC and certain CTC refunds and allow the IRS to issue refunds as soon as refunds are verified by the IRS, getting much needed amounts into hands of filers quicker.

“Our hard-working families are finally getting the $34 billion that they are owed. This is money that can be used for life necessities like food, healthcare, childcare, and housing, rather than being held hostage by the government. Another delay like this should not happen again. It is long past time for us to repeal this harmful and unnecessary rule that penalizes early filers who need their refunds,” said Chairman Pascrell. “I hope we can enact our bill before next year so that American families get the refunds they are owed as fast as possible.”

###