Stimulus update: Michigan sending rebate checks averaging $550 to families in six days

The Michigan Department of Treasury is slated to send payments worth an average of $550 to eligible taxpayers as part of the state’s expansion of the working families tax credit starting in six days.

The state estimates that roughly 700,000 households will get checks beginning on Feb. 13 on a rolling basis over a five- to six-week period.

The amount residents will receive is equal to the difference between the 6% working families tax credit included in an eligible resident’s 2022 tax refunds and the 30% value that the credit is worth under the new legislation approved last year.

The recently expanded tax credit will give eligible residents an average of a $3,150 tax refund for tax year 2022, per the state. The higher 30% rate for the working families tax credit will be part of tax refunds going forward, beginning with tax year
Read more…

Please follow and like us: