MI HB4298

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

For tax years beginning after December 31, 2019, increases the allowable EITC credit to 20% of the federal earned income tax credit claimed under Internal Revenue Code section 32.

For tax years beginning after December 31, 2011 and before January 1, 2019, maintains the EITC credit at 6%.

If the state EITC credit exceeds a taxpayer's tax liability, the state treasurer must refund the excess amount to the taxpayer without interest.