Michigan HB4487 proposes a tax credit for working parents with dependents aged 4 to 6.

Michigan HB4487 amends the state's tax code to introduce a working parent tax credit. This credit allows qualified taxpayers with earned income of at least $10,000 per tax year to claim up to $2,500 for each dependent aged 4 to 6. The credit can be applied against the taxpayer's tax liability, with any excess refunded. The credit is effective for tax years beginning on and after January 1, 2025.

Michigan HB4487 proposes a tax credit for working parents with dependents aged 4 to 6.

Michigan HB4487 amends the state's tax code to introduce a working parent tax credit. This credit allows qualified taxpayers with earned income of at least $10,000 per tax year to claim up to $2,500 for each dependent aged 4 to 6. The credit can be applied against the taxpayer's tax liability, with any excess refunded. The credit is effective for tax years beginning on and after January 1, 2025.