LANSING, MI (WKZO AM/FM) – The Michigan Senate Tuesday approved a historic $2.5 billion tax cut plan that included Senator Aric Nesbitt’s legislation to reduce personal and business income tax rates and provide families with a $500 per child tax credit.
Nesbitt, whose district covers Allegan and Van Buren counties, says Michigan’s massive budget surplus “does not belong to the state’s treasury — it is not the governor’s money or the Legislature’s money; it’s the people’s money.”
Senate Bill 768 reduces the state’s income tax back to 3.9% and creates a $500 tax credit for each child under the age of 19.
The legislation also increases the tax exemption for all retirement income to $30,000 for individuals and $60,000 for couples.
If the bill is signed into law, Michigan’s income tax rate would be among the lowest in the Midwest.
