It doesn't take a rocket scientist or a financial expert to know that some extra money in your bank account could make a big difference.

Nearly 700,000 Michigan residents are set to receive $550 checks as part of the expanded Working Families Tax Credit program.

This initiative, announced by Governor Gretchen Whitmer, aims to lessen financial pressures on low-income households and stimulate economic growth within the state.

The checks, which are being mailed out this week are based on the federal Earned Income Tax Credit (EITC) and are expected to significantly benefit those who qualify.

Governor Whitmer highlighted the program's impact, stating that it would lift tens of thousands of people out of working poverty and directly benefit half the children in Michigan by assisting their families with essential expenses such as bills, food, and school supplies.

This expansion is five times the previous credit, increasing the state's contribution from 6% to 30% of the federal tax credit for the 2022 tax year and beyond.

There is hope that this will put hundreds more dollars back into the pockets of working families, leading to a stronger economy and a better future for Michiganders.

How Can You Get The Tax Credit?

To be eligible for the tax credit check, residents must file federal income tax returns, even if they do not owe taxes or are not required to file a return.

The Michigan Department of Treasury began issuing the checks through the U.S. Postal Service over a five-to-six-week period.

State Treasurer Rachael Eubanks encouraged eligible residents to file electronically or seek assistance from reputable tax preparers to ensure they claim the credit, potentially leaving thousands of dollars unclaimed otherwise.

This initiative is part of larger state-level efforts to support families with caregiving responsibilities and low-income workers.

Other states, such as California, Washington, and Massachusetts, have implemented similar policies, including paid leave and tax credits, to address the financial burdens faced by caregivers and working families.

You can get more information about the expanded Working Families Tax Credit program by clicking here.

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