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MI HB4488
Bill
Status
5/8/2025
Primary Sponsor
John Fitzgerald
Click for details
AI Summary
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Creates a $5,000 tax credit per qualified dependent child aged 3 years or younger, effective for tax years beginning January 1, 2025
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Limits the credit to a maximum of 3 qualified dependents per tax year (up to $15,000 total)
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Requires taxpayers to have earned income of at least $10,000 annually to qualify for the credit
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Makes the credit refundable, meaning taxpayers receive payment for any credit amount exceeding their tax liability
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Dependents must be claimed as exemptions under existing state tax law and meet federal "qualifying child" definitions
Legislative Description
Individual income tax: credit; working parent tax credit for certain dependents; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 272a.
Individual income tax: credit
Last Action
Bill Electronically Reproduced 05/08/2025
5/13/2025