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MI HB4923
Bill
Status
9/29/2015
Primary Sponsor
Winnie Brinks
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AI Summary
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Establishes a state income tax credit for child and dependent care expenses beginning in tax years after December 31, 2014, based on the federal credit allowed under Internal Revenue Code section 21.
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Provides tiered credit percentages based on adjusted gross income: 110% for AGI under $25,000; 100% for AGI $25,000-$39,999; 80% for AGI $40,000-$64,999; and 20% for AGI $65,000-$99,999.
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Allows taxpayers to claim a percentage of their federal child and dependent care credit amount as a credit against Michigan state income tax liability.
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Provides for refund of any excess credit amount that exceeds the taxpayer's total tax liability for the year.
Legislative Description
Individual income tax; credit; child and dependent care credit; create. Amends 1967 PA 281 (MCL 206.1 - 206.713) by adding sec. 272a.
Individual income tax: credit
Last Action
Printed Bill Filed 09/30/2015
9/30/2015