February 2015 Newsletter
RAISE Texas News
2015 Legislative Session and Updates
Several pilot projects, led by RAISE Texas and its partners, are underway to research ways to help Texans get ahead this year. Many of the current pilots and discussions are focused on increasing opportunities for Texans to save. Currently, the 2015 Legislative Session is underway and RAISE Texas is already working with many organizations to make sure that Legislators understand the financial insecurities that Texas families face every day. We will be sending out regular updates and information about the bills related to asset building this session, and will update everyone on the progress of our work throughout the year!
Upcoming Trainings Hosted by TSAHC and RAISE Texas
The Texas State Affordable Housing Corporation (TSAHC) is offering several rounds of trainings through the Texas Statewide Homebuyer Education Program. RAISE Texas is excited to partner with TSAHC to host an advanced financial coaching training on June 1-3, 2015 in San Antonio. Please mark your calendars to take part in this training! Registration information on the financial coaching training will be out in March.
Resources to Help Texans’ Maximize Their Tax Refund
Tax season is here. For many Texans, their tax refund represents the largest single payment they receive all year and serves as an important income supplement. This post highlights resources that 1) connect families with free tax preparation services, and 2) encourage families to save a portion of their tax refund. Read more.Texas News
Register for Free Financial Education Webinar on the Texas Financial Education Endowment
The Texas Department of Banking is hosting a free webinar on Thursday, February 19, 2015 from 2:30-3:30pm Central Time. The goal of this webinar is to learn about the Texas Financial Education Endowment (TFEE) grant program, and to allow participants the opportunity to hear from two organizations that received TFEE funds. The TFEE is designed to support and promote financial capability, education and responsibility of Texans. The endowment supports innovative consumer credit building activities and programs for youth and adults throughout the state. Click here to register for the webinar.
Houston’s Financial Opportunity Centers Featured in The Washington Post
Houston LISC believes that connecting people with resources and support is critical to building sustainable communities. Washington Post columnist Michelle Singletary recently wrote about how the Financial Opportunity Center program’s innovative approach to financial coaching combined with the supportive nature of the Volunteers of America’s staff are helping Houstonians move out of poverty. Read The Washington Post article here, or visit LISC’s website for more information about the Financial Opportunity Centers.National News
New 2015 Assets & Opportunity Scorecard Now Available
The new 2015 Scorecard for Texas was released on January 29, 2015. CFED’s scorecards provide detailed information on how each state is doing in the areas of Financial Assets & Income, Businesses & Jobs, Housing & Homeownership, Health Care, and Education. Texas received a “D” in the category of Financial Assets & Income, reflecting the large number of residents with subprime credit scores and high percentage of “liquid asset poor” households, meaning they lack adequate savings to cover basic expenses for three months in the event that a job loss or other emergency leaves them without income. Additionally, our state received an “F” in Health Care, primarily because Texas leads the nation in residents without health insurance (24.6%), and a “C” in Education, ranking 50th for the number of adults with a high school degree, 44th for student loan default rate and 38th in 8th-grade reading proficiency. These ratings given will be important to our policy work this legislative session as we educate policymakers and other key staff about issues that affect Texas families and it also helps us direct our work in the asset-building field to make the most impact on the financial well-being of Texans. Click here to view the 2015 Texas Scorecard, or visit www.assetsandopportunity.org/scorecard/ to read more about the scorecard and the national findings.
Blog Post on Reality of the New CFED Scorecard Data for Texas
A new post by Laura Rosen on the Better Texas Blog discusses the reality of the data in CFED’s newly released Assets & Opportunity Scorecard, and some policy solutions that could improve economic conditions for Texans. Click here to read the post.
IRS-SPEC Hosting Bi-Weekly ACA Assistance Calls for VITA/TCE Partners
Are you having trouble filing a return because of an Affordable Care Act (ACA) issue or question? If so, plan to attend one of the bi-weekly partner calls to hear IRS-SPEC subject matter experts answer/discuss:
1. Tax Law questions related to the new ACA Provisions:
o Individual Shared Responsibility (Health Coverage)
o Premium Tax Credit
2. Filing Issues with forms:
o 1040 (Lines 46,61,69)
o 8965- Coverage Exemptions
o 8962- Premium Tax Credit
3. TaxWise Software- Completing the:
o ACA Worksheet
o Forms 8962 & 8965 and related worksheet entries
The calls will be every Monday & Thursday in February, from 1:00-2:00pm EST. Beginning March 2, calls will be held each Monday from 1:00pm-2:00pm EST and will continue until April 15th. To take advantage of one of these calls, dial toll free 1-888-331-8226 access code: # 12375770. If you have any questions, contact your SPEC representative.
Tax Preparers Ready for Complicated Tax Season Due to Health Law
Tax preparers will need to be ready for this upcoming tax season! IRS Commissioner John Koskinen declared this tax season one of the most complicated ever, partly because this is the first year that the Affordable Care Act (ACA) will show up on the tax form. For those people who get insurance through work, it will be an easy change to simply check a box on the tax form that says, “Yes, I had health insurance all year.” But for the millions of people who didn’t have insurance or who bought subsidized coverage through the exchanges, it will be more complex and possibly surprising to hear about the penalty for not being insured in 2014. Read the entire article here.
Report Finds New Jobs in United States Don’t Pay Living Wage
The Alliance for a Just Society released a new report that finds nearly half of new jobs do not pay workers enough money to make ends meet, and that most current job growth is taking place in low-wage occupations like food service and retail. The report, Low Wage Nation, part of the Job Gap Economic Prosperity series, highlights that the United States has a larger share of low-wage jobs than any other developed country, but a higher minimum wage, a stronger safety net, and increased investment in higher-wage industries like health care are all necessary to ensure more Americans are making a living wage. Click here to download the report and to read the major findings.
