By February 2024, more than 700,000 Michigan households could receive a $550.00 economic stimulus. Help is made possible through tax credits that are available to eligible individuals.This amount will be distributed per household and to those who have to make up the 24% difference. All this, according to the calculations made in your 2022 tax return.
The truth is that the governor, Gretchen Whitmer, had devised a project as early as 2023 to get this budget from tax cuts.
For this reason, it is expected that Working Families Tax Credit checks will be mailed beginning February 13, 2024.
What requirements are necessary?
Earning income from work not exceeding $63398.00 USD is another requirement to receive assistance.
If this is the case, the interested parties’ investment income must be less than $11000.00 USD. They must also have a valid social security number and be a US citizen.
On the other hand, families had to qualify for the credit first on their tax year 2022 returns, which were filed in 2023.
Some good news is that eligible Michigan residents will be able to receive an additional check on their 2022 tax return. Additionally, they will be able to claim the full 30% tax credit on their 2023 tax return when they file next year.
This is because, under legislation authored by Whitmer, the credit was increased from 6% to 30% of the Earned Income Tax Credit (EITC). Further, it will be applied retrospectively starting from FY 2022.
Meanwhile, the governor expressed in a statement that by quintupling the tax credit for working families, he returns $550.00 USD to 700,000 Michigan families.
“This directly benefits half of Michigan’s children. Parents can use the money to pay taxes, pay bills, put food on the table and buy school supplies,” he said.