Michigan Treasury Issues Home Heating Income Tax Credit Tables for Standard Allowance, Alternate Credit Computation

The Michigan Department of Treasury Feb. 1 issued a standard allowance table (Table A) and an alternate credit computation table (Table B) for the 2023 Home Heating Credit, for individual income tax purposes. The treasury explains that if a taxpayer has lived in a homestead for less than 12 months, he must prorate his standard allowance. Table A lists standard allowance amounts and income ceilings based on the number of exemptions. Table B is the alternative credit computation table that lists the maximum income based on the number of exemptions. Taxpayers can check the MI-1040CR-7 booklet for further instructions. [Mich. ...