(LANSING) - The Michigan Senate on Thursday approved two measures aimed at providing tax relief for Michiganders.
The plan, which is funded, in-part by an amendment sponsored by State Senator Kim LaSata of Niles, is to set aside funding in the fiscal year 2023 budget, which aims to help families across the state offset some of the burden of rising costs of everyday items and services.
LaSata says families in Southwest Michigan and across the State are seeing their budgets grow out of control, even after tightening their belts. Residents are being priced out of everyday life. LaSata says she worked to ensure Michigan sets aside funds to revisit tax relief to help people with the absurd costs they are seeing across the board.
The proposal would use surplus funding and other funds set aside from LaSata’s amendment to provide a $2.5 billion tax cut for Michigan workers, seniors and veterans.
The MI Family Inflation Relief Plan would help every Michigander by lowering the state’s income tax to 4% and increasing the personal income tax deduction by $1,800. It would also support Michigan families by creating a $500 tax credit for each child under the age of 19. Combined with other savings in the plan, a family of four could see savings of approximately $1,300 annually.
House Bill 4568 and Senate Bill 784 would also increase the tax exemption for Michigan seniors over 67 to $21,800 also for individuals and $43,600 for couples and ensure Michigan’s fully disabled veterans and the spouses of those lost in combat a 100% property tax exemption.
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