LANSING, MI (WHTC-AM/FM, Feb. 15, 2022) – Could we see a tax break coming from Lansing?
We could if legislation that cleared the state Senate on Tuesday morning becomes law. The measure would slice the current 4.25% income tax rate and the six-percent corporate levy to 3.9% for both, as well as including a $500 tax credit for families with dependent children. In an amendment to that bill, a senior aged 67 or older would be eligible for a $30,000 deduction for a single return or a $60,000 deduction for a joint return.
Lawton Republican Aric Nesbitt sponsored the $2.5 billion proposal, citing what some are calling a “colossal” current revenue surplus in state coffers. “There’s a lot of money on the books, so I’m looking forward to returning it to the taxpayers,” he said on “WHTC Talk of the Town” during a recent appearance.
The legislation now goes to the House for consideration, and since the bill passed the Upper Chamber on partisan lines, the likelihood that it would withstand a gubernatorial veto may be slim.
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