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2012 House Bill 5769: Increase EITC; authorize savings account grants
Introduced by Rep. Jim Ananich D-Grandville on July 18, 2012
To increase the state earned income tax credit from an amount equal to 6 percent of the federal EITC, to 20 percent. This is a “refundable” credit for low income workers (meaning that a check is sent to the taxpayer for the balance of the credit exceeding taxes owed). Also, to give up to $150 in matching grants to an EITC recipient who places at least $50 in a “qualified savings account,” the nature of which would be determined by the Department of Treasury.   Official Text and Analysis.
Referred to the House Tax Policy Committee on July 18, 2012