MI SB0378

Allows taxpayers to claim a $500 credit per qualified dependent for tax years beginning January 1, 2022 through December 31, 2025.

Credit applies only to dependents for which an exemption was claimed under section 30(2)(b) of the Income Tax Act of 1967.

Defines "qualified dependent" as a dependent who is younger than 19 years of age on the last day of the tax year in which the credit is claimed.

Credit is non-refundable; any portion exceeding the taxpayer's tax liability for the year is not refunded.