MI HB5622

Creates a state income tax credit for child and dependent care expenses for tax years beginning after December 31, 2011, based on the federal child and dependent care credit under Internal Revenue Code Section 21.

Credit percentage varies by adjusted gross income: 110% for income under $25,000; 100% for income $25,000-$39,999; 80% for income $40,000-$64,999; and 20% for income $65,000-$99,999.

Excess credits that exceed a taxpayer's tax liability are refunded by the state treasurer without interest, except as provided under MCL 205.30.