Michigan Senate GOP approves bill with massive income tax rate cut – By Dave Boucher (Detroit Free Press) / February 15, 2022
Michigan’s GOP-led Senate approved a hotly contested bill on Tuesday that would roll back personal and corporate income tax rates, moves that would save residents and businesses money but substantially impact state revenue and programming.
The measure, approved by a 22-16 party-line vote, would reduce the personal income tax rate from 4.25% to 3.9%. It includes a substantially larger cut of the corporate income tax rate, from 6% to 3.9%.
The massive cuts, along with new tax deductions for seniors and parents, would reduce tax collections by more than $2.5 billion by the 2024 financial year, according to an analysis from the Senate Fiscal Agency.
