LANSING, Mich. — Michiganders would pay less income tax under a newly introduced Senate bill.
Residents would pay a personal income tax of 3.9% if Senate Bill 151 is signed into law, according to Sen. Roger Victory (R–Hudsonville), the bill’s sponsor. The rate is currently 4.25%.
“In the midst of growing state tax revenues and spending, hardworking Michigan taxpayers deserve financial relief,” says Senator Victory. “This plan would provide substantial tax relief to struggling families, seniors on fixed incomes, and locally owned businesses dealing with higher costs.”
We’re told the proposed tax cut would take it back to a pre-2007 rate.
Senator Victory adds the tax cut would also apply to small businesses filing personal income taxes. He says the bill would allow Michigan to better compete on the regional level with residents in Ohio, Indiana and Pennsylvania.
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