Tax Relief Bill Making its Way Through State Legislature
State taxes could be reduced if the Senate approves a bill that has been bouncing around the Michigan Legislature.
Port Huron’s State Representative Andrew Beeler, a member of the House Committee on Tax Policy, endorsed the bill.
The tax bill is estimated to provide $2.5 billion in tax relief to Michigan tax-payers, exemptions for seniors age 62 or older, and enable deduction from retirement income like pensions, 401(K) plans, and IRAs.
The plan also allows parents to receive a child tax credit of up to $500 per child.
Beeler said, “Inflation continues to creep, perhaps even leap, forward. Prices are climbing as working families and seniors alike dig deeper into their pockets to pay the cost of living. Meanwhile, the state government is sitting on a taxpayer-funded nest egg, and the extra money available should be returned to the people who paid for it. Our plan extends real relief to the people of Michigan with a forward-thinking and family-focused tax cut.”
The tax relief bill is now headed to the Senate for approval.
Reporting for WGRT – Jennie McClelland