Gov. Jennifer M. Granholm has proclaimed Jan. 31 as Earned Income Tax Credit Day in Michigan.
"The Internal Revenue Services estimates that more than $300 million in Earned Income Tax Credits goes unclaimed by low-income taxpayers in Michigan," DHS Director Ismael Ahmed said. "The Earned Income Tax Credit is a proven anti-poverty tool that makes the difference for Michigan's working families.
For the 2007 tax season - depending on a person's income and number of dependents - the federal EITC can reach a maximum of:
-$4,716 for families with two or more children.
-$2,853 for families with one child.
-$428 for taxpayers with no children.
And don't forget Michigan's new EITC that gives back based on a percentage of the federal.
Michigan enacted a state earned income tax credit in 2006 that becomes effective during the 2008 tax season. Under the agreement, working families are eligible to receive a percentage of the federal EITC, starting with 10 percent for 2008 and increasing to up to 20 percent in 2009.
Yes, this is the credit that Nancy Cassis threw a fit about, but apparently Nancy has had a change of heart. Bet you never thought you would hear her say something like this-
"With the Legislature giving tax check rebates to some of our biggest corporations, among them the Big Three, it seems only fair and right to give credit checks to the other end of the spectrum, our working poor," she said.
Hell has officially frozen over. Honest, that was Nancy Cassis when the MCC pointed out that it would cost the state far less than previously indicated.
Here's Mark Schauer's statement of support of EITC Day-
"These are exactly the type of targeted tax incentives that reward and encourage hard work and we should make sure everyone who qualifies takes advantage of them," said Schauer, who fought for the recently enacted state version of the EITC. "At a time when Washington is finally waking up to the plight of struggling workers and considering an economic stimulus package, we must make the most of this powerful economic tool."
Go to this webpage for information on how to claim the credit, or you can call 211 and ask for assistance.