Some families in the state of Michigan may receive higher state tax refunds this tax year, acording to Fox2 Detroit.
Per the report, the Internal Revenue Service (IRS) factors inflation rates wheneever calculating federal tax brackets which means that some people filing could potentially receive up to 10% more when receving their checks.
Additionally, an expanded Earned Income Tax Credit (EITC), which was expanded in a variety of eays to helps families in Michigan, indicates that qualified families will receive a larger refund on their 2023 taxes, which is around $550 for the average family.
The State of Michigan says that around 700,000 families are expected to benefit, per the report.
The EITC is a tax benefit that’s made available to qualifying working individuals and families who earn below a certain income level, with two tax benefits available for those qualified.
One of which us through the federal government while the other is available via the state government. If a Michigan resident qualifies for the federal benefit, they may also qualify for the state benefit.