HERE'S HOW TO FIND YOUR AREA MEDIAN INCOME TO GET YOUR IRA MONEY (MICHIGAN)

The forthcoming Michigan IRA funds for electrification projects will potentially drop in October of 2024. They will have some income-based qualifiers. A lot of ink has been spilled on the dollar amounts available, but first, we'd better figure out if you're even eligible based on your income, right!?

To be clear, the tax credits are live, and available for anyone with a tax liability (meaning that you will have enough income to owe tax).

But there's another set of programs — the rebate programs — which will be designed by each and every state (I know, groan). These state-based rebate programs will have different amounts available based on your income as compared to your county's area median income (AMI). These are worth talking about because the state-based rebates are often worth more than the federal tax credits.

The key numbers are:

1. below 80% of AMI,

2. between 80% and 150% of AMI, and

3. above 150% of AMI.

So we're not going to talk about the rebate amounts today, because that is too many numbers to keep in your head. We first need to figure out where you fall in your county's AMI chart! Please just figure out this number with me today so you have it in the back of your mind when it comes time to put together your electrification plan.

You can easily look up your income here to figure out if you're in the first, second, or third group (numbers updated 4/1/2024). Each county has its own page and each page has three groups of numbers (used for housing assistance eligibility). For our purposes, just focus on the first group of numbers -- income -- and ignore the second two groups ("rent by person" and "rent by income").

You'll see a bunch of rows, but the key numbers for us are the 80% row and the 150% row.

11/7/2024 Update: Reach out with any questions! We hope the state will have a usable income qualification portal ready to share soon. We'll share it as soon as it's available.