Insider Intelligence

Michigan’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 […]

This 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 […]

The 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 […]

Legislation reducing the personal and corporate income tax rates to 3.9% was passed by the Senate this week. Currently, Michigan’s corporate income tax rate is 6% and the personal income tax rate is 4.25%. Introduced by Senator Aric Nesbitt (R-Lawton), the bill also includes a $500 per child tax credit for children under the age […]

Michigan residents would be able to better save to purchase their first home under legislation signed into law this week. Introduced by Senator Ken Horn (R-Frankenmuth) and Representative Mari Manoogian (D-Birmingham), the bills establish the Michigan First-Time Home Buyer Savings Program within the Department of Treasury. Residents could open an account to save for and […]

The Senate Finance Committee reported legislation that would reduce Michigan’s income tax rate. Under the proposal, the state’s personal income tax rate would be reduced from 4.25% to 3.9%. Likewise, the corporate income tax rate would decline from 6% to 3.9%. Both changes would be in effect beginning on January 1, 2022. “In 2007, Michigan’s […]

The House and Senate passed legislation aimed at helping small businesses save more on their federal taxes. Federal law allows taxpayers to deduct their state and local taxes (SALT) on their federal returns. The deduction for individuals is limited to $10,000, and the cap applies to small businesses that file taxes through their individual owners. […]

A bill incrementally expanding the Earned Income Tax Credit (EITC) was considered in the Senate Finance Committee this week. The EITC provides a tax break for low to moderate income tax earners. The amount needed to qualify follows federal guidelines and varies depending on if a taxpayer has children, dependents, or is disabled. Currently, for […]