Michigan residents are in for a welcome financial boost as checks averaging $550 are making their way to eligible households this week under the Michigan Working Families Tax Credit.
Tax Relief for Michigan Families
Amidst the economic challenges, Michigan families are receiving much-needed relief through the Michigan Working Families Tax Credit.
The credit, a result of $1 billion in tax cuts signed into law in 2023, is providing substantial support to over 700,000 eligible families across the state.
- The Michigan Working Families Tax Credit, implemented to alleviate financial burdens, has begun distributing checks averaging $550 to qualifying residents.
- The increase of the Michigan Earned Income Tax Credit from 6% to 30% is facilitating higher tax returns for lower-income households.
- Eligible workers stand to benefit from retroactive application, receiving refunds from the previous year’s tax returns alongside the full 30% credit for the current year.
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Criteria for Eligibility
To qualify for the Michigan Working Families Tax Credit, residents must meet two essential criteria. Firstly, individuals must have taxable earnings, ensuring that working households reap the benefits of this tax relief initiative. Secondly, eligibility extends to those who qualify for the Earned Income Tax Credit (EITC) and file both state and federal taxes.
- Governor Gretchen Whitmer highlights the significance of the Michigan Working Families Tax Credit in providing immediate relief to families.
- The additional cash injection offers much-needed support for households, contributing towards essential expenses such as bills, groceries, and educational supplies.
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