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730,000 families could get an additional $350 in state proposed tax credit

AROUND 730,000 Michigan families could get an extra $350 in tax credits thanks to an in-state proposal.

Governor Gretchen Whitmer will propose to lawmakers to triple Michigan’s tax credit for low- and middle-income workers.

In tax year 2019, Michigan families earned an average credit of $150

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In tax year 2019, Michigan families earned an average credit of $150Credit: Getty

This would restore the state income tax credit to 20% of the federal credit.

A decade ago, the credit was shrunk back to 6% as part of a law that cut business taxes.

Under Whitmer’s proposal, the tax credit would roughly increase to $500.

She reportedly plans to reveal more details about her proposal on Wednesday, January 26, during her State of the Union speech.

Usually, the speech is delivered to a huge crowd of lawmakers, elected officials, and invited guests inside the chambers of the Michigan House of Representatives.

However, this year she is planning to provide the address in a virtual format due to the increase in omicron cases.

“Michigandians who work hard every day to provide for their families deserve more rest and tax refunds,” said a summary document prepared by the governor’s office.

“It means new backpacks, warmer coats, and more hot meals.”

The refundable credit currently helps more than 730,000 families each year.

Policies of Governor Gretchen Whitmer

This isn’t the first time the governor has delayed tax breaks for lower-wage workers.

When Whitmer took office in 2019, she proposed doubling the earned income tax credit as a way to offset the impact on low-income workers of the fuel tax increase.

She is also trying to reinstate tax exemptions on pension income.

However, no tax proposals have been incorporated into the law.

In other words, there is no guarantee that the latest proposal will also take effect.

The Sun also shared ways you can get stimulus payments in 2022.

Plus, we tell you everything you need to know about child tax credits.

How to make the child tax credit available to parents in 2022

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https://www.the-sun.com/money/4531869/michigan-families-tax-credit-whitmer/ 730,000 families could get an additional $350 in state proposed tax credit

DevanCole

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