A bill to amend 1967 PA 281, entitled “Income tax act of 1967,” (MCL 206.1 to 206.847) by adding section 272a.
House Bill No. 5731, introduced on May 15, 2024, aims to amend the Income Tax Act of 1967 by adding section 272a to provide a working parent credit. This bill allows qualified taxpayers to claim a tax credit for dependents aged six or younger, starting from tax years beginning on January 1, 2024. Taxpayers can claim $5,000 for each dependent aged three or younger and $2,500 for each dependent aged over three but six or younger, with a limit of three dependents per tax year. The credit is refundable if it exceeds the taxpayer's tax liability. To qualify, a taxpayer must have earned at least $10,000 in the tax year.
Co-sponsored by Reps.
Referred to the Committee on Tax Policy
