Establishes a working parent tax credit and monthly advance payments for qualified taxpayers in Michigan.
The bill amends Michigan's individual income tax law to create a working parent tax credit of $5,500 for each qualified dependent aged four or younger. A qualified taxpayer is defined as someone with a household income not exceeding 150% of the state median income. The Michigan Department of Treasury will establish a program to issue monthly advance payments to eligible taxpayers, with the total payments equaling the annual credit amount. If the credit exceeds the taxpayer's liability, the excess will be refunded.
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