Michigan legislature passes $1B tax plan, now heads to Governor Whitmer's desk
LANSING, Mich. (WILX) - Late Tuesday night, Senate Democrats finalized the biggest tax relief initiative Michigan has seen in decades, sending the Lowering MI Costs Plan to Governor Gretchen Whitmer for her signature into law. The bill will overhaul the retirement tax, expand the Working Families Tax Credit, and make significant investments in housing and community development.
The state’s personal income tax was automatically set to drop from 4.25% to 4.05% prior to this bill. The plan will keep that intended drop and not include the $180 rebate checks Democrats asked for.
Republican Senate leader Aric Nesbitt said, “Today, Senate Republicans protected the automatic income tax rollback that is due to millions of Michigan residents who need permanently lowered taxes, not a one-time gimmick that disappears in one trip to the grocery store.”
“Today, we are sending the governor the biggest, broadest tax relief plan Michiganders have seen in decades,” Senate Majority Leader Winnie Brinks (D-Grand Rapids) said. “This has the power to make a generational impact on the financial well-being of individuals and families in our state. With less than two months in the majority under our belts, Democrats are already delivering on our long-held promises to help household budgets stretch further.”
https://www.wilx.com/2023/03/01/michigan-legislature-passes-1b-tax-plan-now-heads-governor-whitmers-desk/
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