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.
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