By February 2024, more than 700,000 Michigan families will be able to receive a $550.00 economic stimulus. The help is made possible by a tax credit that is intended for eligible individuals.This amount will be distributed per household and to the people who must compensate the 24% difference. All this, according to the calculations made in your 2022 tax returns.
The truth is that the governor, Gretchen Whitmer, enacted a project in early 2023 to obtain this budget from tax cuts.
For this reason, it is expected that the Working Families Tax Credit checks will be sent starting February 13, 2024.
What requirements are needed?
Having worked and earned income that does not exceed $63398.00 USD is another requirement to obtain said aid.
If this is the case, interested parties must have investment income of less than $11000.00 USD. They must also have a valid Social Security number and be a US citizen.
On the other hand, families had to first qualify for the credit, in their tax year 2022 returns, which were presented in 2023.
Some good news is that eligible Michigan residents will be able to receive an additional check on their 2022 tax return. Additionally, they will be able to get the full 30% tax credit on their 2023 tax return when they file next year.
This occurs because, under the legislation enacted by Whitmer, the credit was increased from 6% to 30% of the Earned Income Tax Credit (EITC). In addition, it will be applied retroactively starting in fiscal year 2022.
Meanwhile, the governor expressed in a statement that by quintupling the Tax Credit for Working Families, they return $550.00 USD to 700,000 Michigan families.
“This directly benefits half of the children in Michigan. Parents can use the money to pay taxes, bills, put food on the table and buy school supplies,” she commented.
