HB 4488
Individual income tax: credit; working parent tax credit for certain dependents; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 272a.
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Bill overview
This bill creates a new tax credit for working parents in Michigan. It allows eligible taxpayers with young children (3 years old or younger) to claim a credit of up to $5,000 per child, provided they meet certain income requirements and have claimed an exemption for the child. The credit is limited to a maximum of three qualified dependents per tax year, and any excess credit not used to reduce tax liability will be refunded.
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