In 13 days, officials in Michigan are set to issue payments worth an average of $550 to eligible residents as part of an expansion of the state’s working families tax credit.
Roughly 700,000 households will receive a check from the expanded tax credit beginning on Feb. 13, according to the Michigan Department of Treasury. The direct payments are slated to go out to eligible taxpayers on a rolling basis over a five- to six-week period.
The state says the payments being sent to Michiganders will be equal to the difference between the 6% working families tax credit from a resident’s 2022 tax refunds and the 30% that the credit is worth under the new legislation signed into law last year.
The new expanded tax credit is expected to give eligible residents an average of a $3,150 tax refund for tax year 2022. The increased 30% rate for the working families tax credit will already be factored into tax refunds going out to residents for tax year 2023, according to the state.
The Michigan Department of Treasury claims that eligible residents will automatically get the check sent to them, with no additional paperwork required to get the payment.
“By quintupling the working families tax credit, we’re putting an average of $550 back in the pockets of 700,000 Michigan families ahead of schedule,” Gov. Gretchen Whitmer (D-MI) said in a statement about the expanded tax credit in December.
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“This directly benefits half the children in Michigan, and moms and dads can use this extra money at tax time to pay the bills, put food on the table, and buy school supplies,” she added.
Additional information regarding the expanded tax credit can be found on the state’s website.
