Bill > HB5771

This bill amends the Income Tax Act of 1967 to provide a work opportunity tax credit for employers who hire qualified employees. Specifically, it allows employers to claim a credit against their state income tax equal to 50% of the federal work opportunity tax credit they are eligible for under Section 51 of the Internal Revenue Code. The credit applies to tax years beginning on or after January 1, 2024, and the qualified employees must be certified by the Michigan Unemployment Insurance Agency as members of a targeted group and employed in Michigan. The bill also specifies that the credit cannot be refunded if it exceeds the employer's tax liability for the year.