MI HB4341

Increases the Michigan earned income tax credit percentage for tax years beginning after December 31, 2016 from 6% to 25% of the federal earned income tax credit under Internal Revenue Code section 32.

Maintains existing credit percentages for prior tax years: 10% for tax years 2008-2008, 20% for tax years 2009-2011, and 6% for tax years 2012-2016.

Allows taxpayers to claim the credit against Michigan income tax liability on returns filed for the same tax year as the federal credit claim.

Requires the state treasurer to refund any excess credit amount to the taxpayer without interest, except as otherwise provided under MCL 205.30.