MI HB4487

Creates a $2,500 tax credit per qualifying dependent child aged 4-6 years old, effective for tax years beginning January 1, 2025

Limits the credit to a maximum of 3 qualified dependents per tax year ($7,500 maximum credit)

Requires taxpayers to have earned income of at least $10,000 to qualify for the credit

Makes the credit fully refundable, meaning taxpayers receive the excess amount if the credit exceeds their tax liability

Qualified dependents must be claimed as exemptions on the same tax return and meet the federal definition of "qualifying child"