Blog categorized as Budget

Large Income Tax Cut/Shift Bill Moves, Then Stops

02/02/23 03:50 PM - By Team MIRS - Comment(s)

Legislative Democrats began movement Wednesday on what ultimately will be one large income tax cut/shift bill that is planned to include broader retirement income exemptions

Income Tax Projected To Drop To 4.05% This Year At Cost Of Roughly $600M

01/17/23 10:44 AM - By Team MIRS - Comment(s)

Michigan's income tax rate may automatically drop from 4.25% to 4.05% this year if final year-end revenues come in as projected, based on information discussed Friday by state economists.

New Federal Budget Includes $342M For Michigan Projects

12/28/22 09:47 AM - By Team MIRS - Comment(s)

Michigan’s Congressional members Thursday touted the U.S. Senate’s passage of the year-end, $1.7 trillion omnibus spending bill, which includes $342 million for Michigan projects.

EITC Expansion Joining List Of Lame Duck Casualties

12/02/22 09:28 AM - By Team MIRS - Comment(s)

Although term-limited Sen. Wayne A. Schmidt (R-Traverse City) does believe in Christmas miracles, he highly doubts his legislation to gradually increase Michigan's Earned Income Tax Credit (EITC) to 30% will see the Governor's desk before 2022 concludes.