HOUSE BILL NO. 5807

June 12, 2024, Introduced by Reps. Martin, Kuhn, Tisdel, DeBoer, Steele and Schmaltz and referred to the Committee on Tax Policy.

A bill to amend 1967 PA 281, entitled

"Income tax act of 1967,"

(MCL 206.1 to 206.847) by adding section 277.

the people of the state of michigan enact:

Sec. 277. (1) For tax years that begin on and after January 1, 2025 through December 31, 2028, a taxpayer may claim a credit against the tax imposed by this part equal to $500.00 for each qualified dependent of the taxpayer for which an exemption was claimed under section 30(2)(b) for that same tax year. If the credit allowed under this section exceeds the tax liability of the taxpayer for the tax year, that portion of the credit that exceeds the tax liability must not be refunded.

(2) As used in this section, "qualified dependent" means a dependent who is younger than 19 years of age on the last day of the tax year for which the credit is claimed.