600,000 Michigan residents miss key tax credit

Associated Press Report

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By WSBT 24/7 News

Story Created: Apr 11, 2009 at 7:44 AM EST

Story Updated: Apr 11, 2009 at 7:44 AM EST

DETROIT (AP) — Estimates say more than 600,000 Michigan residents miss out on claiming the federal earned income tax credit.

The Detroit News reports Saturday that costs the state's economy at least $300 million a year. The Internal Revenue Service says the credit added more than $1.4 billion to the Michigan economy in 2007.

The credit can bring thousands of dollars to people who qualify. Tax returns for 2008 are due Wednesday.

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Information from: The Detroit News, http://www.detnews.com

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