Michigan HB4055 provides a state income tax credit equal to 50% of the federal child tax credit.

Michigan HB4055 amends the Michigan individual income tax law to introduce a new tax credit for state taxpayers. This credit allows taxpayers to claim an amount equal to 50% of the federal child tax credit they are eligible for, for tax years beginning on and after January 1, 2025. If the credit exceeds the taxpayer's state tax liability, the excess amount must be refunded. This provision aims to provide financial relief to families with children by partially offsetting the federal child tax credit at the state level.

Michigan HB4055 provides a state income tax credit equal to 50% of the federal child tax credit.

Michigan HB4055 amends the Michigan individual income tax law to introduce a new tax credit for state taxpayers. This credit allows taxpayers to claim an amount equal to 50% of the federal child tax credit they are eligible for, for tax years beginning on and after January 1, 2025. If the credit exceeds the taxpayer's state tax liability, the excess amount must be refunded. This provision aims to provide financial relief to families with children by partially offsetting the federal child tax credit at the state level.