Michigan Enacts $550 Cash Handouts from $1B Pot
Checks Alleviate 24% Difference
According to The U.S. Sun, over 700,000 Americans are set to get an extra $550 cash handouts from $1B pot in their tax refunds this year. This comes after Michigan a $550 cash handout from $1B pot that applies to the 2022 tax returns. Democrats in Michigan increased the earned income tax credit from 6% to 30% in March 2023. The $550 cash handouts from $1B pot started going out on February 13 and are meant to cover the 24% difference in helping 700,000 working families. Michigan Governor Gretchen Whitmer said this payment would add hundreds more dollars to the pockets of eligible individuals.
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Michigan Tax Rebate Targets Less Than 10%
The tax rebate in Michigan, totaling over $1 billion in estimated relief will reach less than 10% of the state’s 10 million residents. To qualify individuals must be eligible for the federal earned income tax credit, with income below a specified amount. Filing both state and federal taxes by the April 15 deadline is necessary to receive these ongoing payments covering both the 2022 and 2023 tax years. Nationally there may be more changes as the US House of Representatives passed a $79 billion bipartisan bill intending to expand tax credits, particularly raising the child tax credit. However, Senate and President Biden‘s approval are pending. Philadelphia businesses could receive up to $10,000 while veterans in New Jersey may benefit from the Burlington County Military and Veteran-owned Business Grant Program, showcasing ongoing efforts to provide economic relief.