TAX CREDITS

Most U.S. families will receive increased child tax credits this year as part of the American Rescue Plan enacted earlier this year by President Joe Biden.

Most U.S. families will receive increased child tax credits this year as part of the American Rescue Plan enacted earlier this year by President Joe Biden.

Most U.S. families will receive increased child tax credits this year as part of the American Rescue Plan enacted earlier this year by President Joe Biden.

Most U.S. families will receive increased child tax credits this year as part of the American Rescue Plan enacted earlier this year by President Joe Biden.

The massive COVID-19 relief bill approved by Congress includes an increase in tax breaks for families. More: What’s inside the $1.9T COVID-19 bill passed by CongressTax breaks for households with and without kidsUnder current law, most taxpayers can reduce their federal income tax bill by up to $2,000 per child. In a significant change, the bill would increase the tax break to $3,000 for every child age 6 to 17 and $3,600 for every child under the age of 6. The bill also significantly expands the Earned Income Tax Credit for 2021 by making it available to people without children. AdMore: Congress approves COVID bill: When to expect $1,400 stimulus checks

The massive COVID-19 relief bill nearing approval in Washington includes an increase in tax breaks for families. Tax breaks for households with and without kidsUnder current law, most taxpayers can reduce their federal income tax bill by up to $2,000 per child. In a significant change, the bill would increase the tax break to $3,000 for every child age 6 to 17 and $3,600 for every child under the age of 6. Families would get the full credit regardless of how little they make in a year, leading to criticism that the changes would serve as a disincentive to work. The bill also significantly expands the Earned Income Tax Credit for 2021 by making it available to people without children.

DETROIT – State Rep. Robert Wittenberg, introduced Thursday two House Bills that would create new tax credits for media production in Michigan. House Bills 6504 and 6505 would create a two-tiered tax credit that provides incentives for Michigan-produced commercials as well as film, television and streaming productions. “This is about Michigan jobs,” Wittenberg said. The House Bills would create similar incentives to the Michigan Film and Digital Media Incentive, which was signed into law in 2008 by then-Gov. More information on the potential benefits of a new Michigan film tax credit can be found on the Michigan Film Industry Association’s official website here.