Tax Credit Giving Money To Michigan Families

Thinking back about 4 months ago I did not think I qualified for that $1400 many were getting in their checking account from the stimulus. So one day I woke and saw it there in my account, was so surprised as I learned I actually was eligible. It came at a perfect time because I, like many am still recovering financially from COVID19.  Well, it turns out you may be getting more money if you have kids.

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Here is the scoop, families in Michigan according to fox47news.com will soon be getting extra money as part of the expanded child tax credit that was just passed. This will be so helpful to families still trying to make ends meet after a tough 18 months.

Here Are The Income Levels

Here is the income bracket, Couples making less than $150,000 a year, and single parents making less than $112,500, qualify for the expanded tax credits.

This is a tax cut for working families, not those at the top. We're talking about 92% of Michigan children who are in homes that are going to benefit from the new tax credit. Beginning on July 15, families with children under 18 years old will receive additional monthly payments— $300 a month for each child under 6, and $250 per child between the ages of 6 and 17.

Good News For Many Families

Such a nice surprise for some deserving families. They're saying that this credit will reduce Michigan's poverty rate by 34%, great news. Also, about 90% of Michigan kids, or around 1.9 million, will benefit from this extra money.  Seems we are on the road to recovery these days, especially with many businesses hiring.