Heads up! Michigan Families Will Receive $550 Starting Today

If you're one of the 700,000 households expecting a payment from the Michigan Department of Treasury, you won't have to wait too much longer.

What is the Working Families Tax Credit

In case you haven't heard, Michigan Governor Gretchen Whitmer ended 2023 by signing into law the Working Families Tax Credit, to put "$550 back in the pockets of 700,000 Michigan families ahead of schedule." The tax credit was raised from 6% to 30%, which as a result is retroactively giving eligible Michigan families some money back. The original estimated date for the checks to be sent out was sometime in February, and sure enough, that prediction was accurate.

Who is eligible and When will I receive the credit?

The best part of this credit is how easy the State has made it for residents to receive this credit. Michiganders who had a "total income below $59,187 and investment income lower than $10,300" will be able to receive the credits with no additional paperwork. Once the first checks are sent out, they will roll out over the course of five to six weeks.

Why make this change?

Governor Whitmer's goal with these checks is to give residents who have been struggling with the increased inflation rates a little bit more money back in their pockets before tax season is in full swing. She said,

This directly benefits half the children in Michigan, and moms and dads can use this extra money at tax time to pay the bills, put food on the table, and buy school supplies.

To learn more about the Working Families Tax Credit, you can read the original press release here.