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Michigan Department of Treasury, Page 1 Form

Michigan Department of Treasury, Page 1 Form

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Today we are talking about the Lowering  MI Costs Plan, or Public Act 4 of 2023. It   was signed into law on March 7, 2023 but  does not take effect until February 13,   2024. This law change quintuples a tax  credit for working families as well as   provides retirees with more options to  choose the best taxing situation for their   retirement benefits. Treasury is committed to  ensuring that all eligible Michiganders can   take full advantage of the increased credit or  expanded subtraction. Let’s take a closer look.  The Michigan Earned Income Tax Credit for  Working Families – or simply, Michigan EITC,   is a tax benefit for working individuals with  income below a certain level. Public Act 4 of   2023 permanently increased the Michigan EITC  from 6% to 30%. This tax benefit can reduce   the tax you owe. Even if you do not owe tax  or are not required to file a tax return,   the Michigan EITC could result in a tax refund. It is important to note tha

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