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MI HB5628

Bill

Official Source

Status

Introduced

3/20/2024

Primary Sponsor

Mark Tisdel

Click for details

Origin

House of Representatives

102nd Legislature

AI Summary

  • Allows taxpayers to claim a credit against Michigan income tax equal to the tax rate multiplied by the difference between the federal poverty level and claimed personal and dependency exemptions, effective for tax years beginning January 1, 2024
  • If the credit exceeds a taxpayer's tax liability, the state treasurer refunds 40% of the excess to the taxpayer without interest, with the remaining excess not refunded
  • Uses federal poverty guidelines published annually by the U.S. Department of Health and Human Services to determine the federal poverty level for the taxpayer's household size

Legislative Description

Individual income tax: credit; refundable credit to cover the cost of basic needs; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 282.

Individual income tax: credit

Last Action

Bill Electronically Reproduced 03/20/2024

3/21/2024

Committee Referrals

Tax Policy3/20/2024

Full Bill Text

No bill text available