This week, the House and Senate passed a $2.5 billion plan providing tax reductions. Named the MI Family Inflation Relief Plan, it includes: $500 per child tax credit for those under 19 Increasing the personal income tax deduction by $1,800 Raising the personal exemption for seniors 67 and older to $21,800 for individuals and $43,000 […]
Read full storyTax incentives tied to outsourcing jobs would be eliminated, under legislation introduced by Representative Nate Shannon (D-Sterling Heights). Under the current federal law, corporation deductions are permitted for certain expenses regarding outsourcing. According to the bill sponsor, this incentivizes corporations to outsource Michigan jobs. His proposal would eliminate those tax incentives. The legislation was referred […]
Read full storyIn another attempt to suspend Michigan’s gas tax for a period of time, Senator Roger Victory (R-Hudsonville) proposed a four-month holiday. The bill would suspend the state’s tax on gasoline and diesel fuels from May 15, 2022, through September 15, 2022. The state of Michigan currently imposes a 27.2 cents per gallon excise tax on […]
Read full storyUnder legislation headed to Governor Gretchen Whitmer, Michigan’s gas and diesel taxes would be suspended for six months. House Bill 5570 would suspend the 27.2 cents per gallon tax from April 1 through September 30. However, the Senate failed to get the two-thirds vote necessary for immediate effect, if the governor signs it into law, […]
Read full storyAs gas prices continue to rise, the Senate Finance and Transportation and Infrastructure Committees held a joint hearing on motor fuel taxes in Michigan. The senators heard a presentation from the non-partisan Senate Fiscal Agency (SFA), covering a myriad of subtopics. While the legislature has been debating a gas tax holiday, and several governors have […]
Read full storyMichigan’s 27.2 cents per gallon gas tax would be suspended for six-months under legislation passed by the House this week. Introduced by Representative Steve Johnson (R-Wayland), the suspension would begin on April 1 and run through September 30, 2022. The bill comes in response to the rising gas prices that drivers are paying at the […]
Read full storyThis week, the House voted to approve of Senate legislation reducing the state’s income tax rate from 4.25% to 3.9%. The plan is similar to a House bill that was reported by the Appropriations Committee last week. In addition to the tax rate reduction, the bill lowers the eligibility age from 67 to 62 for […]
Read full storyThe House Appropriations Committee reported legislation this week reducing the income tax rate from 4.25% to 3.9% for all individual payers. The bill, introduced by House Tax Policy Chairman Matt Hall (R-Emmett Twp.), would reduce the state revenues by an estimated $1.7 billion annually. Additionally, the proposal would exempt income from taxes for people 62 […]
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