Stimulus Update: As part of the $1 billion in tax savings that Governor Gretchen Whitmer signed into law earlier this year, the state will begin distributing tax credit checks, which average $550, to more than 700,000 Michigan residents. This will provide a welcome financial boost to these households.
Checks for the Working Families Tax Credit will be given out beginning on February 13, 2024, according to CBS Detroit. Families who filed tax returns in 2022 and qualified for the credit will receive the funds.
The law increased the credit from 6% of the federal Earned Income Tax Credit (EITC) to 30% in 2023. According to the Michigan Advance, it also applies retrospectively to 2022. Qualified Michiganders filing for 2023 can claim the entire 30% tax credit and an extra check from 2022.
“We’re putting an average of $550 back in the pockets of 700,000 Michigan families ahead of schedule by quintupling the Working Families Tax Credit,” Whitmer stated in a release. Parents can use this tax refund to pay bills, eat, and buy school supplies. This directly benefits half the children in Michigan.”
According to Michigan Advance, IRS standards require EITC eligibility based on employment and investment income under $63,398 and $11,000, respectively. They must also have a current Social Security number and be citizens of the United States.
After the law’s signing in March, Whitmer’s office said, “The expansion will deliver an average combined tax refund of $3,150 to 700,000 families, directly impacting nearly one million kids—almost half the kids in Michigan.”
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Dr. Darienne Hudson, president and CEO of United Way for Southeastern Michigan, said, “We are thrilled to see Governor Whitmer sign this substantial boost for working families into law today.” “More than 2 million Michigan children will directly benefit from raising Michigan’s EITC to 30% of the federal credit by giving working families—many of whom are still struggling in the wake of the pandemic and whose budgets have been strained by inflation—a meaningful increase in income.”
According to CBS Detroit, citizens of Michigan who qualify for the credit do not need to submit any further documentation. Those who qualify should check if they satisfy the requirements this year by applying for the enhanced tax credit. Residents can get the 30% tax credit and extra check from their 2022 tax return the following year.
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