WebFeb 8, 2024 · LANSING, Mich. (AP) — Michigan Gov. Gretchen Whitmer on Wednesday proposed a $79 billion budget that aims to substantially invest in schools and public health while cutting taxes for the state’s retirees and low-income households. WebJan 26, 2024 · Changes to how retirees are taxed will save half a million households an average of $1,000 a year while expanding the state's EITC will provide on average at least $3,000 refunds to 700,000...
Whitmer, legislative leaders announce agreement on Michigan tax cuts
WebJan 25, 2024 · State Rep. Thomas Albert, chair of the Michigan House Appropriations Committee, said targeted tax relief should be included as part of the state’s upcoming … WebJan 28, 2024 · On Wednesday, Michigan’s Republican-led Senate Finance Committee voted to reduce the state income tax from 4.25 percent to 3.9 percent and reduce the state’s corporate tax rate from 6 percent to 3.9 percent. russ harris self compassion
Michigan Senate passes 2 targeted tax cuts totaling $1B
WebMar 1, 2024 · The state income tax rate is expected to roll back from 4.25% to 3.9% for this year. Residents and small businesses will realize the savings when they file taxes in the … WebMar 31, 2024 · The $650 million tax cut, which will amount to about $50 per taxpayer, came about because of a 2015 law signed by former Gov. Rick Snyder that ties the income tax to the state’s General Fund. Michigan currently has an approximately $9.2 billion budget surplus, largely due to one-time use pandemic-era federal funds. WebJan 25, 2024 · With her party in control of the legislature and billions of dollars in the bank, Gov. Gretchen Whitmer laid out a plan to cut taxes while expanding social programs in the … schedule 3 2 a b consumer credit act 2006