Insider Intelligence

Small businesses that hire an employee who has been out of work for 60 days or more would be eligible for a tax credit under legislation introduced this week. Bill sponsor, Representative Kevin Coleman (D-Westland) believe the tax credit would help tackle unemployment by incentivizing businesses to seek workers who have been unsuccessful in long-term […]

This week, Representative Joe Bellino (R-Monroe) introduced legislation repealing Michigan’s pension tax that was first charged in 2012. Currently the system is a three-tiered retirement tax structure based on the year a person is born. Under his proposal, Michigan’s previous retirement tax structure would be re-established and both public pensions and social security income would […]

Representative Jim Lower (R-Cedar Lake) and Senator Jim Stamas (R-Midland) introduced legislation reforming the way Michigan administers property taxes. The legislation aims to make the process of collecting the state’s $14 billion in property taxes more efficient. The two bills would update property assessing laws to specify minimum quality standards that every city, township, or […]

Governor Rick Snyder and State Treasurer Nick Khouri sent a letter to Attorney General Bill Schuette seeking guidance on recently enacted federal tax law reforms that expand college savings plans to include elementary or secondary public, private, or religious school expenses. Due to the federal changes to the Internal Revenue Code, Michigan is requesting a […]

Last month’s tax collection revenue earmarked for the General Fund (GF) and the School Aid Fund (SAF) totaled $1.0 billion, an increase of 7.9% over the February 2017 amount. Additionally, the collections were $92.9 million higher than estimated; with the GF revenue at $74.5 million more and the SAF collections at $17.6 million more than […]

This week, Governor Rick Snyder signed a package of legislation ensuring Michigan residents can continue to claim the personal income tax exemption on state and local taxes. After passing a federal tax reform at the end of last year, Congress set the value of the federal personal exemption at zero. Since the Michigan Income Tax […]

This week the legislature approved of a package of bills providing an increase to the personal income tax exemption. The legislation incrementally increases the state personal tax exemption from the current $4,000 to $4,900 by 2021. In addition, the bills will allow tax payers to continue to claim the exemption on city income taxes. Due […]

This week, the House Tax Policy Committee reported a bill sponsored by Representative Jim Tedder (R-Clarkston) reducing paperwork for small businesses. The bill eliminates the requirement that small businesses file a personal property tax exemption form every year. Instead, qualifying businesses would be allowed to file the necessary paperwork just once, in the first year […]