Driven by low unemployment, strong business growth, and an overall strong economy, Michigan’s income tax rate will decrease to its lowest level since 2007. In 2015, Michigan enacted a law requiring a temporary reduction of the state income tax if the general fund grows faster than the rate of inflation. Due to recent economic growth, […]
Read full storyThis week, Governor Gretchen Whitmer signed two pieces of legislation into law. The first bill, the Lowering MI Costs plan, phases out the retirement tax over four years and equalizes the exemption on both public and private pensions. Additionally, it increases the Working Families Tax Credit match of the federal Earned Income Tax Credit from […]
Read full storyLegislation phasing out the retirement tax and increasing the Working Families Tax Credit was presented to Governor Gretchen Whitmer this week. The bill increases the tax credit to 30% of the Earned Income Tax Credit, which is estimated to save eligible families an average of $3,150. Additionally, the bill phases out the retirement tax over […]
Read full storyThe Senate voted in favor of legislation making changes to tax laws in Michigan and issues a $180 inflation relief check to all Michigan households. After the House and Senate passed different versions of the bill, it was sent to conference committee. Last week, the House voted to adopt the conference report and the Senate […]
Read full storyThe House passed one of the Democratic caucuses’ priorities, voting on legislation providing a number of tax reforms. Introduced by Representative Angela Witwer (D-Delta Twp.), the bill phases out the current three-tier retirement tax system so that all taxpayers could claim the maximum deduction allowed. The proposal also increases the Earned Income Tax Credit in […]
Read full storyHouse Republican Leader Matt Hall (R-Richland Twp.) called for a research and development tax credit to incentivize businesses of any size to invest in innovation in Michigan. Under his plan, a business would be eligible for a tax credit on any new research and development in the state or on any increased expenses above the […]
Read full storyLegislation that would reform Michigan’s retirement tax was sent to conference committee this week after the two chambers were at an impasse on the proposal. Introduced by Representative Angela Witwer (D-Delta Twp.), the bill as passed by the House phases-out the retirement tax, with full implementation in the 2026 tax year. This week, the Senate […]
Read full storyThis week, the Senate voted to pass legislation increasing the state’s match of the federal Earned Income Tax Credit (EITC) from 6% to 30%. Introduced by Senator Kristen McDonald Rivet (D-Bay City), the bill is estimated to deliver approximately $600 more annually for Michigan families. Currently, of the states with their own EITC, Michigan has […]
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