LANSING, Mich. — Sen. Dale Zorn on Tuesday voted for legislation to cut taxes by $2.5 billion on Michigan families, seniors and small businesses.
“The governor recently proposed the biggest state budget in history, but before we look at how to spend our surplus revenues, we should provide needed tax relief to the Michigan people still struggling with high inflation and effects from the governor’s unilateral shutdowns,” said Zorn, R-Ida. “I have long supported cutting taxes on retirement income, and I am glad that this will provide important tax relief to all Michigan seniors while also reducing tax burdens on Michigan parents, workers and job providers.”
Senate Bill 768 would reduce the state’s personal income tax from 4.25% to 3.9%, create a $500 per child tax credit, increase the tax exemption on all retirement income to $30,000 for individuals and $60,000 for couples, and reduce corporate income tax rates from 6% to 3.9%.
After passing the Senate, the bill now heads to the House of Representatives for consideration.