In just 19 days, households in Michigan are anticipating a boost with a state-issued check averaging around $550. This financial relief stems from an expanded tax credit to the working families, benefitting approximately 700,000 eligible households. The distribution is set to commence on February 13, unfolding over a span of five to six weeks.
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Michigan’s Enhanced Tax Credit Delivers $550 Boost, Easing Financial Strain for 700,000 Households!
The upcoming payments are calculated based on the disparity between the 6% working families tax credit on an eligible resident’s 2022 tax refunds and the recently legislated 30% increase in the expanded tax credit’s value. The state projects that these payments will result in an average tax refund of $3,150 for the 2022 tax year, with the enhanced 30% rate being incorporated into regular tax refunds later in the year for the 2023 tax year.
Governor Gretchen Whitmer, a Democrat from Michigan, highlighted the significance of the expanded tax credit, emphasizing that it puts an average of $550 back into the pockets of 700,000 Michigan families, benefiting half the children in the state. She pointed out the practical applications of this extra money, stating that parents can use it during tax time to cover bills, put food on the table, and purchase school supplies.
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Michigan’s Expanded Tax Credit Brings Automatic Payments, Easing Financial Strain for Eligible Families!
The Michigan Department of Treasury assures eligible residents that no additional paperwork is necessary to receive the payment; it will be automatically issued. Additional details about Michigan’s expanded tax credit can be found on the state’s website, providing a straightforward and accessible resource for those seeking more information.
This initiative reflects the government’s commitment to providing timely financial assistance to families and easing their financial burdens during these challenging times.
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