For the first time, Michigan taxpayers who claim the Federal Earned Income
Tax Credit on their 2008 federal tax return are eligible to claim a Michigan
Earned Income Tax Credit for 2008.
"Individuals who qualify for the Federal EITC will be able to claim a
Michigan credit equal to 10 percent of their Federal credit," said State
Treasurer Robert J. Kleine. "It is estimated that about 20 percent of those who
qualify for the Federal EITC fail to claim it, and therefore miss out on tax
savings."
The EITC is just one of several refundable tax credits available to Michigan
taxpayers. Others include the Homestead Property Tax Credit and the Home Heating
Credit. The Homestead Property Tax Credit acts as a circuit-breaker to ensure
property taxes do not exceed 3.5 percent of household income. For senior
citizens, it ensures that rent payments do not exceed 40 percent of their
household income. The Home Heating Credit, which is filed separately from the
MI-1040, assists low income taxpayers with their winter energy bills. The
deadline for filing 2008 Home Heating Credits is September 30, 2009.
"It is important that Michigan taxpayers are aware of the different credits
available to them," said Treasurer Kleine. "Properly claiming a Michigan Earned
Income Tax Credit or Homestead Property Tax Credit can save taxpayers hundreds
of dollars this year."
Information for all of the Michigan credits, including forms and
instructions, is available at
www.michigan.gov/incometax.
Treasury is also encouraging taxpayers to take advantage of the convenience
and faster refunds associated with electronic filing (e-file). Taxpayers can
access information about e-file, including free e-file opportunities, by
visiting www.MIfastfile.org.
Michigan Income Tax returns are due April 15, 2009.
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