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Bill review: Child Tax Credit (MI) #160

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Bill review: Child Tax Credit (MI) #160

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1 change: 1 addition & 0 deletions src/data/analysisDescriptions.js
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Expand Up @@ -51,6 +51,7 @@ const descriptions = {
"md-hb411": "Increases the Maryland standard deduction from $3,350 to $4,100 for single filers and from $6,700 to $8,200 for joint filers, heads of household, and surviving spouses, effective tax year 2026. Also updates the COLA base amounts.",

// Michigan
"mi-hb4055": "Creates a refundable state child tax credit equal to 50% of the federal child tax credit under IRC Section 24, effective January 1, 2025.",
"mi-hb4170": "Amends the Income Tax Act to reduce Michigan's flat individual income tax rate from 4.25% to 4.05%, effective for tax years beginning after December 31, 2024 (retroactive to TY 2025).",
"mi-hb5519": "Reduces Michigan's flat individual income tax rate from 4.25% to 3.9%, effective January 1, 2026.",
"mi-invest-in-kids": "Constitutional amendment imposing a 5% income tax surcharge on income above $500,000 (single) or $1 million (joint) to fund K-12 education.",
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