Legislation 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 four years. Lastly, the bill appropriates $50 million to the Housing and Community Development Fund and $50 million for Revitalization and Placemaking grants. The bill did not garner the two-thirds support in the Senate needed for immediate effect, thus the $180 rebate checks for the current tax year, which were part of the plan, won’t occur.
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