Some Michigan residents can receive direct deposits of up to $550.00 USD into their bank accounts. In this regard, the financial assistance will arrive from February 13 and it is estimated that more than 700,000 eligible families will benefit.
In fact, this benefit is part of the Working Families Tax Credit, which Governor Gretchen Whitmer announced last year.
This is also known as the Michigan Earned Income Tax Credit (EITC). In addition, federal debt will rise from 6% to 30% starting in fiscal year 2023.
It should be clarified here that eligible residents can get an additional check for their tax returns from the previous year. All this because the stimulus was applied retroactively to 2022.
According to Governor Gretchen Whitmer, the benefit directly helps half of Michigan's children. Likewise, it affects parents as they can use this extra money to pay bills, buy food or school supplies.
Whitmer pointed out that inflation in the U.S. is slowing and take-home pay is rising.
“We still have a lot of work to do and today's announcement will help them get relief sooner than expected,” the governor said.
Although the amounts each taxpayer receives may vary, let's keep in mind that the average is estimated at $550.00 USD.
The idea is to get back the tax money people have already paid. So, a tax credit usually means more money in your pockets because it reduces the amount of taxes you have to pay.
Meanwhile, for nontaxpayers, both the Michigan EITC and the federal EITC can be refunded.
Meanwhile, the extra income will help Michiganders take care of their families. Likewise, it can help you cover your living expenses or save for hard times.
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