An amount of $550 will hit the bank accounts of eligible residents in Michigan under the Working Families Tax Credit or Earned Income Tax Credit.

$550 for Eligible Residents in Michigan

Eligible residents in Michigan will receive an amount of $550 in the upcoming days. This is part of the Working Families Tax Credit or Earned Income Tax Credit. This was enacted by Gov. Gretchen Whitmer earlier this year in an effort to provide lower-income workers.

In a published article in The U.S. Sun, around 700,000 families will start receiving a $500 tax credit beginning February 13, 2024. The Michigan Earned Income Tax Credit was increased from 6% of the federal EITC to 30%. This is to allow more people to get more money from the taxes they already paid.

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Are You Qualified?

According to a published article in The Gazette, residents in the state can be eligible for the increased Earned Income Tax Credit if they meet the following:

• Residents must have earned, taxable income and file a Michigan Individual Income Tax Return
• Michiganders must also qualify for the federal EITC and file federal taxes.

Furthermore, if someone does not owe taxes or they are not required to file a return, they can still get a refund through the Michigan EITC.

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