LANSING, Mich. — Sen. Jim Runestad on Wednesday introduced legislation that would provide financial relief to families through a child tax credit.
Senate Bill 378 would allow taxpayers to claim a tax credit up to $500 per qualified dependent starting this tax year.
“Working families are struggling,” said Runestad, R-White Lake. “Many extra costs over the last year would be offset by this credit, which will provide timely tax relief while incentivizing hard work.
“Now is the time to let Michigan’s working families know that we appreciate their struggles to raise kids while continuing to work through the pandemic, and we want them to keep more of their own money.”
SB 378 would be applied from the current tax year through Dec. 31, 2024. A “qualified dependent” is defined as a dependent younger than 19 years of age on the last day of the tax year for which the credit is claimed.
“When I came to Lansing, I promised to make a difference for families and the most vulnerable,” Runestad said. “This legislation does both. Those who are raising our next generation need our investment now.”
SB 378 has been referred to the Senate Committee on Finance.