MI HB5769

Modifies the earned income tax credit (EITC) by extending the 20% credit rate for tax years beginning after December 31, 2008 (removing the previous January 1, 2012 expiration date) and eliminating the 6% credit rate for subsequent years.

Establishes a refundable earned income tax matching grant program administered by the Department of Treasury to incentivize savings among qualified taxpayers.

Provides up to a 50% match on funds deposited into qualified savings accounts for taxpayers who deposit at least $50 of their income tax refund and maintain that amount for a minimum of 1 year.

Caps the annual matching grant at $150 per individual taxpayer or $300 for married couples filing jointly.

Requires the legislature to annually appropriate sufficient funds to implement the matching grant program.