MI SB0003

Increases the earned income tax credit (EITC) for tax years beginning after December 31, 2022 from 6% to 30% of the federal EITC amount allowed under Internal Revenue Code section 32.

Provides a one-time additional credit of 24% of the federal EITC for the 2022 tax year only, calculated and refunded by the department without requiring taxpayer action.

Maintains previous credit percentages of 10% for 2008-2009 and 20% for 2009-2012, with 6% applying to 2012-2022 tax years.

Requires the Department of Treasury to issue any refund of the additional 2022 credit as a fully negotiable check and to refund excess credits without interest.

Applies retroactively effective for tax years beginning on and after January 1, 2022.