Lt. Governor Brian Calley began the process this week of explaining the details of the new, revised tax plan as agreed to by Governor Snyder and legislative leadership. Appearing before the House Tax Policy Committee on Wednesday, the Lt. Governor characterized the Administration’s efforts in tax reform and the agreement signed-off on by Senate Majority Leader Randy Richardville (R-Monroe) and House Speaker Jase Bolger (R-Marshall) as a “game-changer.”
Mr. Calley explained that the new package, currently being drafted, would also include a measure to provide a $25-per-child tax credit for those eligible for the Federal Earned Income Tax Credit (EITC) – an addition he is working with Committee Chair Jud Gilbert (R-Algonac) to finalize. This, coupled with the increase in the Homestead
Most of the Lt. Governor’s time; however, was spent explaining and defending the new plan’s amended tax on public and private pensions. Those 67 and older would see no change in the current income tax exemptions for retirement income; while those between 60 and 67, and those younger than 60 (in 2012) would see phased-in versions.
Lt. Governor Calley was quick to point out that Michigan currently ranks 4th in tax treatment of senior citizens and that, with this move, the state would still be ranked in the top ten (8th). Overall, under the plan, Michigan
Representative Gilbert stated that he hoped the Committee would be ready to move the substitute legislation next week encompassing the arrangement agreed upon by leaders.