A bill to amend 1967 PA 281, entitled “Income tax act of 1967,” (MCL 206.1 to 206.847) by adding section 277.
House Bill No. 5807 seeks to amend the Income Tax Act of 1967 by adding section 277. This amendment would allow Michigan taxpayers to claim a $500 tax credit for each qualified dependent under the age of 19 for whom an exemption was claimed under section 30(2)(b) for the same tax year. This tax credit is applicable for tax years beginning January 1, 2025, through December 31, 2028. It is important to note that this credit is non-refundable, meaning if the credit amount exceeds the taxpayer's total tax liability for the year, the excess amount will not be refunded.
Co-sponsored by Reps.
Referred to the Committee on Tax Policy
