Snyder signs bills lowering income tax rate and increasing personal tax exemptions
June 29, 2012
LANSING, Mich. - Gov. Rick Snyder recently signed legislation reducing the income tax burden on Michigan residents.
House Bill 5699, sponsored by state Rep. Ed McBroom, lowers the income tax rate from 4.35 percent to 4.25 percent. The reduction goes into effect on Oct. 1, 2012, as opposed to the originally scheduled date of Jan. 1, 2013.
H.B. 5700, sponsored by state Rep. Holly Hughes, increases the personal tax exemption to $3,950 beginning on Oct. 1, 2012. The exemption will increase to $4,000 on Jan. 1, 2014, and remain at that amount. The current exemption is $3,700.
"This is one more way in which we are helping Michigan families while making our state more attractive to job providers," Snyder said.
The bills now are Public Acts 223 and 224 of 2012.
Visit www.legislature.mi.gov for more information on the bills.