Individual income tax: credit; working parent tax credit and advanced monthly payments of that credit; create and provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 272b.

Senate Bill 308 creates a new refundable "working parent tax credit" for eligible taxpayers in Michigan, effective for tax years beginning January 1, 2025. This credit provides $5,500 per qualified dependent aged four or younger, for taxpayers with a household income not exceeding 150% of the state median income. The bill also establishes a program for the Department to issue monthly advance payments of this credit to qualified taxpayers. However, taxpayers enrolled in an Rx Kids program are not eligible for this credit.