MI HB4342

Amends the Michigan Income Tax Act to modify the earned income tax credit (EITC) percentage that taxpayers can claim against state income tax liability.

Restores the EITC credit percentage to 20% for tax years beginning after December 31, 2016, increasing from the current 6% rate.

Maintains previous credit percentages at 10% for tax years 2008-2008 and 20% for tax years 2009-2011, with the 6% rate applying to tax years 2012-2016.

Allows state treasurer to refund any excess credit amount to taxpayers without interest if the credit exceeds the taxpayer's tax liability for the year.

Applies to Michigan taxpayers who claim the federal earned income tax credit under Section 32 of the Internal Revenue Code.