$3,500 child tax credit could cut state’s child poverty rate in half

A refundable state child tax credit of $3,500, with an extra 20% for kids under 6, could cut Michigan’s child poverty rate by half, according to a joint report released by the Institute on Taxation and Economic Policy (ITEP) and Center on Poverty and Social Policy (CPSP) at Columbia University. It'd also cost $6.1 billion, which is roughly the size of the surplus Michigan has left on the balance sheet from federal COVID money and higher-than-expected state revenue. A more targeted credit is estimated to cost $2.42 billion. The study, which was developed on behalf of Share Our Strength, a

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