LANSING, Mich. — Sen. Dale Zorn on Thursday voted to finalize a historic $2.5 billion tax cut plan that would reduce Michigan workers’ personal income tax rates and provide families with a $500 per child tax credit — sending the measure to the governor.
“At a time when the state is looking at how to spend a historic surplus, this measure would return some of it to Michigan taxpayers still struggling with high inflation and effects of the governor’s unilateral shutdowns,” said Zorn, R-Ida. “I have long supported cutting taxes on retirement income, and this plan would provide significant tax savings for our seniors.
“The people need this relief more than they need more government, and I hope the governor will reconsider her veto threat and instead reduce the tax burdens on Michigan families by signing this legislation.”
Senate Bill 768 would reduce the state’s personal income tax back to 3.9% and create a $500 tax credit for each child under the age of 19. The legislation would also increase the tax deduction for seniors up to $40,000 for individuals and $80,000 for couples and lower the age of eligibility from 67 to 62.
The bill now goes to the governor for consideration.