LANSING, Mich. — State Sen. Kevin Daley on Tuesday voted in support of a historic $2.5 billion tax cut for Michigan families, seniors and businesses.
“The most important thing for us as lawmakers to remember is every dime we have comes from the people,” said Daley R-Lum. “Families are struggling to pay their bills and fill their gas tanks and businesses are struggling to keep their doors open as they continue battling the long-lasting effects of the pandemic and government shutdowns.
“This plan, simply put, would allow folks to keep more of their hard-earned money.”
Senate Bill 768 would lower the state’s personal and business income tax rates to 3.9% from 4.25% and 6%, respectively, and provide families with a $500 per child tax credit. The legislation also increases the tax exemption for all retirement income to $30,000 for individuals and $60,000 for couples.
“I have always been in favor of lowering the tax burden on families and businesses. This is a commonsense plan that was easy to support,” Daley said. “I hope the governor’s new-found support for tax relief is genuine and she promptly signs this into law when it hits her desk.”
SB 768 will now go before the Michigan House of Representatives for consideration.