Eligible taxpayers across Michigan are slated to receive stimulus checks that could be as high as $550. This payment is part of the expansion by the state of the working families tax credit.
The stimulus checks will go out to as many as 700,000 households that will start on Tuesday. The payments are being made on a rolling basis covering between five and six weeks. This is part of the tax credit, revealed the state administration.
The stimulus check that the eligible families will receive will match the difference between the 6% tax credit enjoyed by working families. This includes eligible residents’ tax refunds for 2022 and also the 30% value which is the value of the credit under the legislation that was approved last year.
Eligible residents are expected to get an average of $3,150 under the expanded tax credit for 2022. The 30% for the tax credit for working families stimulus checks will be a part of the regular refunds that start will the 2023 income tax year.
The Stimulus Check Work Out To $550 Per Head On Average
With the multifold increase of the tax credit for working families, Michigan families will get a tax rebate check that works out to $550 on average. And the amount will benefit around 700,000 families of the state way ahead of schedule. This was revealed by Governor Gretchen Whitmer, the Democrat leader. She was speaking of the expanded tax credit in December last year. Eligible residents of the state will automatically receive the stimulus check and no extra paperwork will be necessary.
With stimulus checks fading from the annual plans of both the federal and state governments, the initiative by the state administration in Michigan is commendable, especially as middle and lower-middle-class residents continue to hurt due to the high rate of inflation that has continued to persist after the economic ravages of the pandemic.
