Michigan HB4430 proposes a tax credit for taxpayers with qualified dependents who are not enrolled in public school and demonstrate proficiency in.
Michigan HB4430 amends the state's individual income tax law to introduce a credit for taxpayers with qualified dependents. This credit is equal to the target foundation allowance for each dependent who is at least 5 years old but younger than 19, not enrolled in public school, and has demonstrated proficiency in reading and math. If the credit exceeds the taxpayer's tax liability, the excess must be refunded. The bill defines "public school" and "qualified dependent" based on existing state laws.
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