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In 2023, she signed a bipartisan $1 billion package of tax cuts into law. The legislation repealed the retirement tax, quintupled the Michigan Earned Income Tax Credit, and allocated up to $500 million per year of corporate taxes towards the state's fund for business incentives. [174]
The Michigan website's explainer says that "retirees can file and take advantage of the expanded retirement and pension subtraction options at the start of tax season," which was Jan. 29.
The filing deadline for most 2023 federal and state of Michigan income tax returns is April 15, 2024.
The Michigan Treasury is processing both the supplemental checks for the 2022 tax year for the Michigan earned income tax credit and individual income tax refunds for the 2023 tax year.
Tax credit equals $0.34 for each dollar of earned income for income up to $10,540. For income between $10,540 and $19,330, the tax credit is a constant "plateau" at $3,584. For income between $19,330 and $41,765, the tax credit decreases by $0.1598 for each dollar earned over $19,330. For income over $41,765, the tax credit is zero.
January 1, 2024 –. The 102nd Michigan Legislature, consisting of the Michigan Senate and the Michigan House of Representatives, began its first session on January 1, 2023, which ended on November 14, 2023. A second session is set to begin on January 1, 2024. Members in both the House of Representatives and Senate were elected in the 2022 ...
As a result, the maximum Michigan earned income tax credit is $2,229 for 2023 for lower income households with three or more qualifying children. With one qualifying child, the federal credit can ...
The Michigan Office of Retirement Services (ORS) administers retirement programs for Michigan 's state employees, public school employees, judges, state police, and National Guard. ORS also provides various retiree healthcare benefits, including traditional insurance plans, Personal Healthcare Funds, and Health Reimbursement Accounts.
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