LANSING, Mich. — State Sen. Kevin Daley on Thursday voted in favor of legislation to provide Michigan families, seniors and veterans with $2.5 billion in tax relief — the third legislative effort to return part of the state’s budget surplus back to taxpayers that the senator supported in recent months.
“As a farmer, I can see costs continue to rise through the roof in virtually every part of the industry,” said Daley, R-Lum. “Inflation and rising costs are affecting family budgets more and more, and people just can’t keep up. This was a great opportunity to provide meaningful, long-term tax relief for all Michiganders.”
The MI Family Inflation Relief Plan would help every Michigander by lowering the state’s income tax to 4% and increasing the personal income tax deduction by $1,800. It would also support Michigan families by creating a $500 tax credit for each child under the age of 19.
House Bill 4568 and Senate Bill 784 would also increase the tax exemption for Michigan seniors over 67 to $21,800 for individuals and $43,600 for couples and ensure Michigan’s fully disabled veterans and the spouses of those lost in combat receive a 100% property tax exemption.
“Taxpayer dollars belong to the people. The state is currently sitting on a record surplus, which means we need to give some back to the people we got it from,” Daley said. “We have an opportunity to get government out of people’s pockets and let them keep more of the money they earn. This is great for Michigan workers and seniors who are living on a fixed income.
“I hope the governor hears the calls for help coming from all over the state and finally signs into law some relief for Michigan taxpayers.”