GRAND RAPIDS, Mich. (WOOD) — Qualifying Michigan taxpayers are going to start receiving checks from the state this week for the Working Families Tax Credit.
The checks, which will be sent to over 700,000 Michigan households, are part of $1 billion in tax cuts. The checks will provide families with an average of $550 each, the state says.
The checks will be mailed out starting Tuesday over a five to six-week period. The Michigan Department of Treasury will send the checks to the most recent address on file.
To qualify for the tax credit, U.S. citizens with a valid Social Security number must file a federal income tax return and meet certain requirements, like having an income under $63,398, less than $11,000 investment income during 2023. If a federal credit is granted, the state will give qualifying individuals an extra 30% credit when they file their state income tax return.
The Working Families Tax credit was quintupled last year, from 6% to 30%, according to the governor. For the 2022 tax year, taxpayers who were eligible received a 6% Michigan Working Families Tax Credit when filing state individual income tax returns. A new state law starting Tuesday means those taxpayers will get a supplemental check for the remaining 24% of their Working Families Tax Credit for that year. In the 2023 tax year, the full 30% rate will be applied.