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Budget Deal Includes Income Tax Rate Cut, Personal Exemption Increase
Within the budget targets Governor Rick Snyder, Senate Majority Leader Randy Richardville (R-Monroe), and House Speaker Jase Bolger (R-Marshall) agreed to Wednesday was $90 million to make adjustments in the individual income tax structure.
Legislation will be introduced next Tuesday by two freshman representatives in vulnerable seats. This legislation would return $90 million to Michigan taxpayers through adjustments to the individual income tax rate and personal exemption amount.
Representative Ed McBroom (R-Vulcan) will introduce a bill to reduce the individual income tax rate from 4.35 percent to 4.25 percent effective October 1, 2012. The rate is schedule to do so on January 1st of 2013 – the legislation will accelerate the schedule.
Representative Holly Hughes (R-White River Township) will introduce a bill to increase the personal exemption by $250 (from $3,700 to $3,950) effective October 1, 2012, an additional $50 on January 1, 2014 and yet another $100 on January 1st of 2017.
Estimates vary on the direct dollar impact the proposals would have on Michigan taxpayers.
posted by PAA Online
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Friday, May 25, 2012
10:11 AM
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