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MI HB4055

Bill

Official Source

Status

Introduced

2/4/2025

Primary Sponsor

Bill Schuette

Click for details

Origin

House of Representatives

103rd Legislature

AI Summary

  • Creates a state child tax credit equal to 50% of the federal child tax credit claimed under Internal Revenue Code section 24
  • Applies to tax years beginning on or after January 1, 2025
  • Makes the credit refundable, meaning taxpayers receive payment for any credit amount exceeding their state tax liability
  • Amends the Income Tax Act of 1967 by adding section 275

Legislative Description

Individual income tax: credit; child tax credit; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 275.

Individual income tax: credit

Last Action

Bill Electronically Reproduced 02/04/2025

2/5/2025

Committee Referrals

Economic Competitiveness2/4/2025

Full Bill Text

No bill text available