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 of 19 and increases the tax exemption for all retirement income to $30,000 for individuals and $60,000 for couples. If it becomes law, the proposal as passed by the Senate is estimated to reduce revenue to the General Fund and School Aid Fund by billions each year.
The bill has been referred to the House Tax Policy Committee for consideration.
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