A bill to amend 1967 PA 281, entitled “Income tax act of 1967,” (MCL 206.1 to 206.847) by adding section 272a.
Allows qualified taxpayers to claim a $5,500 credit for each qualified dependent aged 3 years or less for tax years beginning on or after January 1, 2024. The credit is reduced by any advance refund payments made to the taxpayer for the same tax year. The bill also establishes a program for the Department to make monthly advance refund payments to qualified taxpayers based on the previous year's return. If the credit exceeds the taxpayer's liability, the excess will be refunded. The bill specifies the definitions of "qualified dependent" and "qualified taxpayer" for the purposes of claiming the credit.
Co-sponsored by Reps.
Referred to the Committee on Tax Policy
