Michigan Families to Receive $550 Economic Stimulus by February 2024
Michigan Governor Gretchen Whitmer has announced that more than 700,000 Michigan families will be eligible to receive a $550.00 economic stimulus by February 2024. The aid is made possible thanks to a tax credit intended for eligible people, and will be distributed per household to individuals who must make up the 24% difference based on calculations from their 2022 tax returns.
The governor enacted the project in early 2023 in order to obtain the budget from tax cuts, and now it is expected that the Working Families Tax Credit checks will be sent starting February 13, 2024.
In order to be eligible for the credit, individuals must have worked and earned income that does not exceed $63,398.00 USD and must have investment income of less than $11,000 USD. Additionally, they must have a valid Social Security number and be a US citizen. Families also had to first qualify for the credit in their 2022 tax returns, which were filed in 2023.
Furthermore, eligible Michigan residents will be able to receive an additional check on their 2022 tax return, and will also be able to receive the full 30% tax credit on their 2023 tax return when they file next year. This is due to legislation enacted by Whitmer, which increased the credit from 6% to 30% of the Earned Income Tax Credit (EITC) and will be applied retroactively starting in fiscal year 2022.
Governor Whitmer expressed in a statement that by quintupling the Tax Credit for Working Families, they are returning $550.00 USD to 700,000 Michigan families. She also mentioned, “This directly benefits half of the children in Michigan. Parents can use the money to pay taxes, bills, put food on the table and buy school supplies.”
The stimulus is expected to provide much needed financial relief to Michigan families, and serves as a response to the economic hardships brought on by the ongoing COVID-19 pandemic.