(LANSING, MI.)–Michigan House legislators have introduced a package of bills to provide substantial income tax relief for families and seniors.
The bills continue and increase personal exemptions for Michigan taxpayers and their dependents on their income taxes, while providing additional relief for senior citizens.
State Rep. Beau LaFave said he supports the three-bill package that will enable people to keep more of their hard-earned money.
“The federal government recently enacted reforms to give some federal tax relief, but there are seniors and families in the Upper Peninsula who find it difficult to make ends meet. They deserve state tax breaks,” said LaFave, of Iron Mountain. “By allowing people the ability to keep more of their money, we will improve their quality of life and boost the local economy.
“Michigan can afford to cut taxes. I don’t want to cut vital programs or services essential to families, however, there is plenty of waste in the budget of the state of Michigan,” LaFave said. “This is the time to make common-sense reforms that give meaningful tax relief to all Michiganders.”
The legislation, House Bills 5420-5422, will:
- Ensure Michigan taxpayers can continue claiming personal exemptions on income taxes after federal tax reforms signed into law last month, and increases the state personal exemption from the current $4,000 to $4,300 for the 2018 tax year, with gradual increases reaching $4,800 for 2020;
- Certify taxpayers in Michigan cities with an income tax will continue to be able to claim exemptions if the city adopts a uniform ordinance; and
- Help senior citizens in addition to the personal exemption increase by providing a $100 refundable income tax credit for a single filer age 62 or older – or $200 for joint filers.
“I fully support legislation that will ease the tax burden on our families and seniors so they can thrive and make Michigan a better place to live and raise a family,” LaFave said.
House Bills 5420-5422 were referred to the House Tax Policy Committee for consideration.
(Aaron Harper,WJNR,WOBE,WHTO)
aaronharper22@gmail.com