Michigan SB0840 proposes a tax credit for individual income tax for qualified dependents.

Michigan SB0840 amends the Michigan Compiled Laws by adding a new section to allow a tax credit for individual income tax. This credit applies to qualified dependents who are at least 5 years old but younger than 19 years old, not enrolled in public school, and have demonstrated proficiency in reading and math. The credit amount is 50% of the target foundation allowance for the school year. If the credit exceeds the taxpayer's tax liability, the excess must be refunded.

Michigan SB0840 proposes a tax credit for individual income tax for qualified dependents.

Michigan SB0840 amends the Michigan Compiled Laws by adding a new section to allow a tax credit for individual income tax. This credit applies to qualified dependents who are at least 5 years old but younger than 19 years old, not enrolled in public school, and have demonstrated proficiency in reading and math. The credit amount is 50% of the target foundation allowance for the school year. If the credit exceeds the taxpayer's tax liability, the excess must be refunded.