Michigan’s tax code is intrinsically linked to the Federal tax code. So, when the Congress passed its landmark tax reform late last year, they inadvertently created a $1.5 billion tax increase for families and workers here in Michigan. Legislators in Michigan could easily have implemented a quick fix to restore personal exemptions and returned to the status quo.
Thankfully, they chose to go further!
Today, the Michigan State Senate voted unanimously in favor of a bill that boosts exemptions to $5,000. This not only eliminates the accidental tax increase, but would put even more of your money back in your wallet.
We applaud the State Senate for their vote. The bill now goes to the House, which has it’s own tax relief plan in the works, and we expect both chambers will work together to provide needed relief for Michigan taxpayers.