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TAX RELIEF FOR MICHIGAN FAMILIES

A little bit of income tax relief maybe on the way for Michigan families.

 

The Republican Legislator with quite a bit of support from the Democrats has advanced two separate plans to reduce the Michigan State income tax. Under the proposed legislation, the State’s income tax rate will drop from 4.35 % to 4.25% effective October 1. A related bill increases the personal exemption from the current $3,700.00 per person to $3.950.00 per person. Both bills were approved in the House in the Senate and they are on their way to Govern Rick Snyder.

 

On a related measure, the House voted 97 to 13 in favor of reducing the income tax rate to 3.9% by the year 2018. The bill is on its way to the Senate.