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MI HB5731

Bill

Official Source

Status

Introduced

5/15/2024

Primary Sponsor

Cynthia Neeley

Click for details

Origin

House of Representatives

102nd Legislature

AI Summary

  • Creates a refundable tax credit for qualifying working parents beginning in tax year 2024
  • Provides $5,000 credit per dependent age 3 or under, and $2,500 per dependent ages 4-6
  • Limits credit to maximum of 3 qualified dependents per tax year
  • Requires taxpayers to have at least $10,000 in earned income and claim dependent exemptions to qualify
  • Excess credit amount over tax liability is refunded to the taxpayer

Legislative Description

Individual income tax: credit; working parent credit; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 272a.

Individual income tax: credit

Last Action

Bill Electronically Reproduced 05/15/2024

5/16/2024

Committee Referrals

Tax Policy5/15/2024

Full Bill Text

No bill text available