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| Prisoners Receive Tax Credit |
| By theweek.com |
| Published: 06/28/2010 |
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First-time home buyers weren't the only ones who collected a tax credit designed to boost the housing market — hundreds of prison inmates may have fraudulently cashed in, too, according to a Treasury Department audit. The tax credits of up to $8,000 helped 2.5 million people buy homes. But the audit uncovered $9.1 million that allegedly went to inmates who almost certainly didn't qualify for the program, which was launched last year and expired in April. "Unfortunately, they have a lot of time on their hands," says J. Russell George, Treasury's inspector general for tax administration, "and so this is how they've elected to use that time." Here's a brief guide to the problem: How many prisoners have received the tax credit? Of the 4,608 state and federal inmates who filed for the tax credit, 1,295 received the fraudulent refunds. That includes 241 inmates serving life sentences, to whom the Internal Revenue Service awarded a total of $1.7 million. Of those lifers, 61 percent were from Florida, and 174 filed their claims with the help of paid tax professionals. The IRS says one reason people may have slipped through the cracks is that it doesn't have "reliable, accurate data" on all prisoners, and the agency is asking Congress to pass a fix to help it keep track of taxpayers when they wind up behind bars. Read More. |
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